BBB Logo

Better Business Bureau ®
Start With Trust®

BBB Accredited Business since

Emery Federal Credit Union

Additional Locations

Phone: (513) 530-9351 Fax: (513) 530-9357 View Additional Phone Numbers 7890 E Kemper Rd  Suite Fl 1, Cincinnati, OH 45249 http://www.emeryfcu.org

Print

BBB Business Reviews may not be reproduced for sales or promotional purposes.

Description

This company offers financial services.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Emery Federal Credit Union meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered the rating for Emery Federal Credit Union include:

  • 44 complaints filed against business

Factors that raised the rating for Emery Federal Credit Union include:

  • Length of time business has been operating.
  • Response to 44 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Industry Ratings Comparison | Chart


Customer Complaints Summary Read complaint details

44 complaints closed with BBB in last 3 years | 11 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 5
Billing/Collection Issues 2
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 37
Total Closed Complaints 44

Customer Reviews Summary Read customer reviews

26 Customer Reviews on Emery Federal Credit Union
Customer Experience Total Customer Reviews
Positive Experience 11
Neutral Experience 1
Negative Experience 14
Total Customer Reviews 26

Additional Information

top
BBB file opened: October 15, 1992 Business started: 01/01/1939 in OH Business incorporated: 02/28/1994 in OH
Licensing

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Ohio Department of Commerce
77 S High St, Columbus OH 43215
Phone Number: 614-728-8400
Fax Number: 614-728-0380
Web.dfi@com.ohio.gov

Type of Entity

Cooperative Association

Business Management
Mr. Todd Cain, CEO
Contact Information
Principal: Mr. Todd Cain, CEO
Related Businesses
Community Mortgage Network Emery Financial Services, Inc
Business Category

Credit Unions Loans Mortgage Brokers


Additional Locations

  • 5070 Glencrossing Way

    Cincinnati, OH 45238

  • 7350 Liberty One Dr

    Liberty Twp, OH 45044

  • 7500 Innovation Way

    Mason, OH 45040

  • 7890 E Kemper Rd  Suite Fl 1

    Cincinnati, OH 45249 (513) 530-9351 (800) 553-5513

  • PO Box 498967

    Cincinnati, OH 45249

  • 1
X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

About BBB Business Review Content & Services:

Some Better Business Bureaus offer additional content & services in BBB Business Reviews.
The additional content & services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release.
Not all enhanced content & services are available at all Better Business Bureaus.

Professional AffiliationsX
X

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

X

BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

X

What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

X

What government actions does BBB report on?

BBB reports on known significant government actions involving business' marketplace conduct.

X

Thank you for your feedback!

Help us improve by taking our survey.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.

X

Additional Phone Numbers

  • (800) 553-5513(Phone)
Find a LocationX

  Change Location
Show Only Accredited Locations


Complaint Detail(s)

7/21/2014 Advertising/Sales Issues
2/27/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: GFE and HUD Settlement Statement. The GFE was never issued to me. There were changes made on it and I was never updated. The HUD Settlement Statement has tolerance violations on it and my signature was copy/paste in order to fulfill the transaction. FL is a wet state and my signature is suppose to be an original signature. They made changes and decided to leave me out of the process. I never found out about the changes and my copy/paste signature until July when my first payment was due. The principle reduction amount and cash back to borrower was never dealt with in a proper manner. I believe that I have an egregious loan. The loan was audited by the VA and there is a deficiency in their file. Also, when we started this loan process they called us on the phone wanting to do a refinance. We wanted to do a cash out refinance and they told us that they couldn't do it, because it required a appraisal on the property. The only thing that they were interested in, is taking advantage of veterans. I am a disabled veteran, unemployable and this loan process has been nothing but a simple refinance. Please investigate my complaint and put this cu out of business.

Desired Settlement: The HUD Settlment statement was never given to me the day prior to signing it. They need to accept the RESPA protocol and issue a proper HUD Settlement statement. They need to correct the tolerance violations and compensate me for them in a manner that is acceptable to both of us. This is my home and I have worked hard to find it and keep it. Their behavior is beyong bad. They should be forced to close their doors.

Business Response:

GFE was delivered to borrowers via a Notary obtained by the title company, borrower also signed an Acknowledgement of Receipt of GFE at the same time documents were presented by the Notary.  Changes were not made to the GFE as the rate remained constant and the 3rd party fees fell well within the RESPA 10% tolerance rule.

The HUD Settlement Statement is derived from the lender (CMG) closing instructions and is prepared by the Closing Agent (******* *****) with final approval from the lender (CMG) prior to signing loan documents.  Emery Federal does not prepare  the HUD Settlement Statement nor do we act as a Closing Agent.  The bulk of this complaint centers around the Lender (CMG)  final  Instructions and the Closing Agent ******** *****) preparation of the final HUD.

Borrower requested and received a V.A.  streamline refinance with no appraisal required which does not allow for cash out per lender guidelines.  Borrower had an adjustable loan and Emery converted them to a fixed rate loan and we delivered the rate and terms which Mr.  ****** was quoted.

As to the V.A. deficiency in this complaint, upon research of the case number we found that the Lender (CMG) , not Emery Federal, had failed to provide the V.A. with form 26-1820 certificate of loan disbursement.  The V.A. portal shows this was cleared once the Lender (CMG) provided the document.

Business Response:

GFE was delivered to borrowers via a Notary obtained by the title company, borrower also signed an Acknowledgement of Receipt of GFE at the same time documents were presented by the Notary.  Changes were not made to the GFE as the rate remained constant and the 3rd party fees fell well within the RESPA 10% tolerance rule.

The HUD Settlement Statement is derived from the lender (CMG) closing instructions and is prepared by the Closing Agent (******* *****) with final approval from the lender (CMG) prior to signing loan documents.  Emery Federal does not prepare  the HUD Settlement Statement nor do we act as a Closing Agent.  The bulk of this complaint centers around the Lender (CMG)  final  Instructions and the Closing Agent (******* *****) preparation of the final HUD.

Borrower requested and received a V.A.  streamline refinance with no appraisal required which does not allow for cash out per lender guidelines.  Borrower had an adjustable loan and Emery converted them to a fixed rate loan and we delivered the rate and terms which Mr.  ****** was quoted.

As to the V.A. deficiency in this complaint, upon research of the case number we found that the Lender (CMG) , not Emery Federal, had failed to provide the V.A. with form 26-1820 certificate of loan disbursement.  The V.A. portal shows this was cleared once the Lender (CMG) provided the document.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.



Regards,

*** ******


EFCU allowed this transaction to be conducted in a manner that doesn't fit RESPA protocol.  GFE was never delivered per the notary that EFCU put in place. There was no follow up from EFCU making sure that the GFE was received. All of this transaction was done from our home with no assistance from EFCU.  The GFE loan lock interest rate became void before the funding of the loan was in place, causing a change to the HUD Settlement Statement.  The original HUD with *** ******'s signature on it was robo signed when the loan lock fell off and EFCU and CMG had to make the necessary changes to keep the loan going.  The funding date change, which changed the title company's fees and changed the principle reduction and cash back to borrower.  EFCU came up with the cash back because they were not going to honor the cash back to borrower, once they found out that the loan funding date changed.  The borrower forced the issue, so they complied to make the loan.  Florida requires the original signature of the borrower.  These entities took it upon themselves to do whatever they had to, to make the loan rather it was in compliance or not.  There was also a tolerance violation on the changes to HUD.  They saw to it that line #1101 was changed and put in the 3 row on the 3 page of the HUD.  The HUD Settlement statement was changed 3X.  The signature page, which was the 4th page consisted only of ***'s signature and ******'s title closing agents signture.  There was a date behind the agents signature.  We have two copies of the signature page.  The original page was stamped behind ***'s signature, "I certify this to be a true and correct copy of the original instrument." ******'s Title Company.  The HUD that was submitted to the VA is stamped on the first page with this statement.  This is missing on the signature page and the signatures are different, for *** and the closing agent.  The signature behind the certifying information is the same though, but can't be validated because of the sloppy penmanship.  EFCU only had one interest and that was the make as many loans as they could. They didn't care about proper protocol.  They put together the entities of the notory, the title company, and CMG.  We didn't even get the RESPA book informing us of the procedure.  RESPA requires the borrower to receive this 3 days into the transaction.  When they make changes to the GFE from 210,700 to 210,017 they never notified us of the changes, per RESPA GFE process.  EFCU didn't give us the HUD Settlement Statement prior to the signing of the loan, per RESPA.  

 
They did what they wanted and excluded the borrower from the process.  Yes, the loan went through, but today it is an egregious loan, due to the fact that they never got an original signature from the borrrower.  They robo signed the documents and this constitues FRAUD!  **** has opened up on investigation on EFCU.  Not only on our case, but other situations that EFCU conducted themselves in an unproper manner.  Also, EFCU continues to call us on the phone wanting us to refinance our home loan.  We have told them repeatedly that we already refinanced with them, sorry to say and they continue to harass us.  We have gone as far as asking for ****** ******, **** ***** because we ask if they are on ****'s team.  When we have reached ******, and we inform her as to what's going on, she states that her attorney says that she can't talk to us.  If that is the case, why do they continue to harass us?  Looking forward to your prompt response to this complaint.  I'm not suprised that they are trying to lie their way out of this.  
 
Sincerely, 
 
*** and ***** ******

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

2/6/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I do not have an account or do business with Emery FCU. I have registered my phone numbers on the National Do Not Call Registry and the Colorado Do Not Call Registry. I continue to receive calls from all over the USA that are identified on my caller ID as Emery FCU. When I answer, the caller identifies themselves as a Mortgage loan officer with Emery FCU. I have been receiving these calls for almost two years. Each caller tells me the individual branches are responsible for removing my phone number from their call list. THAT IS UNSATISFACTORY. Emery FCU Headquarters needs to get communications to all their branches and Shared Credit Unions to CEASE AND DESIST.

Desired Settlement: CEASE AND DESIST. Stop calling me immediately. If calls continue, I will take my complaint to the ******** Attorney General.

Business Response:

As requested, we have added the consumer information  to our internal ‘Do not call’ list.  Additionally we sent a memo to all Production office Managers to cease and desist from contacting Mr. ****** now or in the future.   We at Emery strive to meet the needs of all consumers and rest assured we have handled this expeditiously  upon receipt of this notification.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

******** ******




BBB's Final Determination: Consumer accepted resolution offered by the business.

12/4/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On April 19, I faxed to Emery my signed residential loan documents for 2 properties that I would be refinancing through Emery. Our primary residence is in Washington with a 30 year conventional, and we own a rental property in New Hampshire that is a VA loan. An Emery employee, ***** ******, contacted me via telephone after I had already signed preliminary loan documents with ******** Home Loans to refinance only our primary Washington property. He was actually calling about the New Hampshire property which we were not refinancing. He suggested we do an IRRRL on the New Hampshire property so as to drop the interest rate by half of a percentage point. Mr. ****** suggested we do both properties at the same time so as only to have one closing, as well as streamlining the process by only using one financial institution. Moving forward, the first week of June, Mr. ****** calls and says we cannot get that interest rate because it is not available on an investment property. The best that he can offer is the interest rate we already have. This situation, in and of itself, should not have transpired. The fact that this was an investment property was evident from the initial phone call and loan docs, and Mr. ****** and/or Emery solicited business under false pretenses. It was due to his solicitation that we decided to refinance the New Hampshire property at all, and it only made sense to award Emery the business of refinancing our primary Washington property as well. Aside from this, at the beginning of June we were 7 weeks into the loan process and we had already completed an appraisal at our primary property at an out-of-pocket cost to us of $500. I believe Mr. ****** deliberately waited as long as possible, and after the appraisal was completed, to deceive us. We are now days away from the rate lock limit, we have not closed on this loan, and nothing Mr. ****** has said has proven true. The transaction has been deceitful, and we have unnecessarily paid for an appraisal that we did not need.

Desired Settlement: If we are not able to close on the loan under the original conditions, we believe that Emery should reimburse us for the cost of the appraisal. We moved forward with Emery under false pretenses that Mr. ****** solicited.

Business Response:

**** ****** applied to refinance her primary residence with Emery, at the end of April.  Loan officer ***** ****** suggested that as she also had a second investment property,  she should try to refinance both properties at the same time, as  all her information would be available and current.  At the beginning of May the LO found that her attempting an VA IRRRL, on the investment property provided  no benefit to Ms. ******.  The investment property had nothing to do with the primary residence except coincidentally, also being owned by this Borrower  As any good loan officer he examined the possibility of refinancing both properties, and reported the possibilities to the Borrower.

Upon establishing that refinancing the investment property was not an option, the LO  stopped working on an investment loan and made the borrower aware .  The investment property option, study, lasted about a week before the LO realized it couldn’t work. That review had nothing to do with any  problems that later occurred with the loan on her Primary Residence.

Ms. ******’s conventional loan was locked in at 2.75% rate.  Borrower had stated the  home would appraise for $190,000, but  the Appraisal came in $10,000 short, which in turn, caused her loan amount to be limited , “not to exceed $144,000.  As a result, Mrs. ****** would have to  bring $2,600 to the closing table, for title and escrow fees.  She became upset when ***** ****** called her and explained why she had to bring the money to closing.  Mrs. ****** stated she did not have the required funds available.  Her loan, at the approved amount, was locked and ready to close.  Lack of funding from the borrower was the sole reason this loan did not close.

At that  point the lock on the rate expired, and there was no closing as there  was no resolution of the lack of funds issue, available to the LO or to Ms. ******, short of her finding the additional closing funds requiredAs far as appraisal fees are concerned, the Appraisal was ordered on the primary residence and would have been the basis for the Loan which we had made available, but which she was not able to close because of the lack of fundsWe are always sorry when we cannot accommodate the wishes of a Member of the Credit Union, but , as a Broker, we are limited to the facts reported and the conditions imposed by the Lender. Attached are the salient entries from the Electronic Conversation Log regarding this matter.

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Emery continues to be untruthful. It was only through Emery's response to the BBB that I found out we no longer have a loan in progress. Is that legal? The last correspondence I have from ***** is dated June 26, when he was going to check with our current lender to move escrow funds to our new lender to help offset closing costs. He was going to let me know "tomorrow," but tomorrow never came. So again, we paid for an appraisal and the loan failed to close because of Emery's business practices, not because we lacked the funds.

Regards,

**** ******

 

 

Business Response:

 

.  The claim of lack of communication is not correct, and refuted by the Conversation Log (previously provided) electronically tracking each communication. The LO,  ***** ****** kept in touch with these clients  at all times.  The clients never once complained about this file or transaction until the requirement for  the cash to close, arose. Again it is not Emery’s fault their appraisal came in short of the valuation they stated,  and which appraised lower value was the reason they needed to bring more money to closing then they were able to afford. ***** clearly told them the deal was dead if they couldn’t bring the cash, because obviously Emery is neither legally allowed, nor was going to provide the cash for them.

 

Emery had the Loan Cleared to Close, CTC at 2.875%. We are in the business of closing loans so why wouldn’t it have closed it if they had available funds to provide for a closing?

 

We are indeed sorry that they are unhappy with the outcome, but clearly, there was, and is, no advantage to Emery to expend the time , money, and effort on a loan Origination that does not close.

 

 

****** ** *******
VP Branch Operations
Phone - ###-###-####

Direct - ###-###-####

Business Response:

Once informed that “.. we don’t have the money to close…” it is not the Loan Officers duty to badger the client about a closing date as the lack of funds pretty much precludes further conversation. There is no possible reason that would support the failure of Emery to close a loan, as Emery, nor its Loan Officer, makes any money until the loan does close---in fact Emery loses money in time, salary and overhead.  As to the Appraisal issue, we have already pointed out that this Borrower is confusing the requirements for two different loans with different guidelines.

It seems that  there nothing more that we can offer in explanations that would satisfy this Borrower. The Loan Officer and Team has been terminated and we are left with the file documents and contemporaneous electronic record of communication, as a means of addressing any claims, the answers to which were provided in  previous Responses. Emery, as a Federally Regulated  Institution, has closed tens of thousands of loans without any provable claim of deceptive practices, and does not believe there is anything here to state otherwise. We do understand that this Borrower believes that she was not able to close the loan on the terms she wished, but we have not discovered any evidentiary basis for a claim against this Loan Officer or team, that would change the circumstances.

 

It may easy to communicate directly with our corporate team at ###-###-#### and ask for ****.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


October 8, 2013

Emery Federal Credit Union continues to outright lie, falsify information and fabricate stories without providing any supporting documentation. Emery cannot provide anything that supports their story, because everything they have said has been untruthful. At no point did I ever say that we would not bring the money to close on this loan. We were not given any opportunity to close this loan. Mr. ****** never followed through. He never responded. He simply ignored this loan we had in progress. How much clearer can I be? Emery should have the ability to verify everything I am saying as they have mentioned several times that they have an electronic conversation log. Look it up.  

Despite Emery’s use of a bait-and-switch tactic, we would have closed on the loan because it still would have been in our best long-term financial interest to do so. We had  already paid $500 for the appraisal, and refinancing would have saved us tens of thousands of dollars. As I have already stated multiple times, in an email dated June 26, Mr. ****** says he had contacted our then-current lender about transferring escrow funds to this Emery loan. He was to let me know “tomorrow.” When June 27 came and went, and after 3 months of inconsistencies, stall tactics, and blatant lies, I filed a complaint with the Better Business Bureau. Not only did I file a complaint with the BBB, I sent 10 letters to Emery- one to each of Emery’s Supervisory Committee members, Emery’s Board of Directors and Emery’s CEO. Because rate-locks are of a time-sensitive matter,  one would think that a federally chartered credit union would respond in a timely manner. Our hope was that someone at Emery would track down this loan officer and help get this refinance closed. I did not receive a single response from anyone at Emery. Emery only responded once consumer protection agencies became involved. In fact, Emery’s response to my initial complaint with the BBB was how we were informed our rate-lock had expired and we no longer had a loan in process. If this were not so financially devastating, ****’s suggestion that “it may be easy to communicate directly” with their corporate team would be laughable. 

In Emery’s October 4 response, I find it interesting that in the second paragraph the employee states the “loan officer and team has been terminated.”  At the end of that same paragraph, the employee continues, “We have not discovered any evidentiary basis for a claim against this loan officer or team.” Which one is it? Thank you for providing a perfect example of how Emery Credit Union operates. Beyond an incompetent loan officer, I have no idea why Emery did not choose to close this loan if that is how they make money. For all the time, money and resources it has cost Emery responding to my complaint, I can guarantee this process has cost us tens of thousands of dollars more in interest charges that we could have saved had this loan officer and team scheduled a closing date and time.

Furthermore, I resent the implication that “this borrower” is confused about anything. I will not allow Emery to spin this so that anyone other than Emery is at fault. On August 22, the BBB offered us an opportunity to arbitrate with an independent third-party arbitrator and the business. We gladly accepted this offer in hopes of reaching a resolution. On September 22, the BBB still had not received a response from Emery regarding this proposal. On October 4, I received an email from the BBB indicating Emery had offered another rebuttal, but nothing indicating their willingness to work with an arbitrator. If Emery is convinced that “this borrower” is confused, I urge them to take advantage of these arbitration services. We are willing, ready and waiting for Emery to engage in arbitrations. The only result that would be remotely acceptable is for Emery to reimburse us for the cost of the appraisal.

 

Respectfully,

**** ******




BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

11/21/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: ****** ********** **** *** ***** ******* ** ****** ** ****** * ************* * ************* *****************To Whom It May Concern;I am writing to you in order to formally complain and seek your help and assistance in resolving a problem with a mortgage loan application that I believe was mishandled and fell through the cracks. I feel that the lack of responsibility, oversight and accountability by the parties involved in the process have cost me the opportunity to get a lower mortgage rate and thereby injured me. I do not pretend to understand the mortgage loan industry and if or how it is regulated. In my case however it appears to be a disjointed and rather convoluted process, like of making sausage. It's a big mess and something that you would not want to witness. I originally applied for the loan February 28th 2013 and received an email from my contact/agent ****** ****** with (Home Financing Direct) ************* on March 18th confirming the rate lock at 3.375% for 30 days and his committment to absorb the fees for any rate lock extention required as a result of any delays caused by him or the lender. I have written documentation in the form of email communications confirming this.I have had no satisfaction in my attempts to understand and resolve an issue surrounding a mortgage loan refinance application. This process I've subsequently discovered: involved a mortgage lender that advertised on radio, KFWB NEWS TALK 980, hfiDirect.com amd their agent ****** ******, and the additional firms of Emery Federal Credit Union and ******* Loans. After speaking to ****** ****** I was referred to **** ****** his manager. at Emery Federal Credit Union and while speaking to him he began raising his voice and became hostile and asked me why I wanted to get ****** fired? After this, I asked to speak with his superior, Emery Federal Credit Union operations manager **** *****. Again, upon speaking with her I found out that she was unwilling and unable to do anything other than have me apply for a new loan at current rates. Furthermore she accused my of failing requested and needed information during the underwriting process, I advised her that this was simply not the case. As I had provided any and all information requested within two business days. Getting nowhere with ****, I asked to speak to the President of the company, and was subsequently referred to one of their directors, *** ******. Mr. ****** readily advised that he was unwilling and unable to do anything to correct the problem and he could not help me and again nobody was willing to assume any responsibility. I advised him that I wanted to speak directly with the President of Emery Federal Credit Union, and it was at this point Mr. ****** hung up on me. I immediately called him back and the call went to voicemail. I sent an email to him. He called me back next day and again I asked to speak to the President of Emery. He emailed me contact information for a vice president. This person, Mr **** **** appears to be a VP of their mortgage division. Despite several emails to Mr. **** I have not received a reply. I have taken the liberty of including documentation of the problem and written communication from the mortgage agent, ****** ****** , as well as others involved in this matter. When I applies for this loan in April, I had just funded another loan with same loan originating firm. I applied for another loan through them because they had all of my current information on hand. However the process for this loan dragged out far longer than imaginable. In the first month or two of the underwriting process I was asked to provide additional information and updated documents. Whenever these requests came I provided any and all of the information requested within two business days. It was in June that I received information in the form of a letter from ******* Loans dated June 29th, telling me that my loan application had been cancelled as incomplete application document. This was a real surprise to me as I had no idea who ******* Loan was and that they were even involved in my loan application. The bottom line is: My loan application was to have a rate lock guarantee, in addition to the rate lock guarantee, ****** advised that he will pay any associated cost or fees to extend the rate lock guarantee due to any delay in the approval and funding of my loan application. I have this confirmation in the form of an email from ****** ******. When I applied for the loan the rate was low, therefore I locked the low rate in, ****** per his email was to lock the rate and if necessary pay any additional fees or costs required to further extend the rate lock guarantee. This was not done, the loan took an inordinate amount of time to be underwritten or approved, and it was sat on or fell through the cracks. Whatever happened, I was shocked when I received notification by another party to this matter, ******* Loan dated June 29th, that my loan application was terminated. I had no idea who ******* Loan was and how they became involved in my loan application. Somewhere along the way, I believe that my loan fell through the cracks, interest rates went up and as such I have been damaged by this ineptness and nobody has been willing to accept responsibility for this mess. I am asking that the loan be approved and funded as applied for. I am writing to you today to ask for your help in getting to the bottom of this matter and helping me in finding out what went wrong with this process and who is responsible when there are so many different players involved and not by my choosing and nobody willing to take responsibility and make it right. Any assistance that you can provide me would be most greatly appreciated. I intend to pursue this matter legally in necessary and I want to know what my rights are and if this industry has any regulation and accountability to anyone.Thank you for you time and attention to this matter. Please call me at your earl

Desired Settlement: Underwrite the loan as originally applied, including if necessary paying any points to buy the interest rate down to that of the original loan application

Business Response:

In the 1st instance, a Loan is not locked—a rate is locked, subject to satisfactorily completing an Application procedure which relies on the cooperation of the Applicant to provide necessary documentation . If the file is completed the rate can be formally honored, in writing (usually for 30 days) by the lender (in this case, *******). Emery is the Broker in the transaction and is tasked with obtaining the documentation required by the Lender, from the Applicant. Emery does not set rates and has no ability to force a Lender to offer or close a loan at a rate tied to the timely submission of loan application documentation, if the file is not complete BEFORE the Rate Lock is confirmed or expires.

In this instance, and as recorded in the Electronic Conversation Log, the rate originally quoted was not locked as the Applicant had not completed the necessary paperwork. As rates moved upwards, this Applicant refused to lock in a market rate and complete her file. The Loan Officer had no alternative, but to cancel the submission with ******* due to the lack of cooperation from the Applicant.

If requested, there is a complete Conversation Log and e-mail history available, which supports this Reply.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


Regards,



please note that their Agent ****** ****** sent an email to me regarding the rate lock as well az stating he would absorb.any fees for extending the rate lock due to delays in underwriting and funding. I want the 3.375 % rate loan as applied for. That or litigation.


Consumer Response: The standard lock is 30 days. I will absorb the lock extension fee for any delays caused by myself or the lender.

On Mar 18, 2013 7:00 PM, "

Can you close the loan within two weeks,why if the rate guarantee obly 30 days? If the loan does not close within 30 days and the interest rate goes up then what? What happens if the interest rates go down?

Please advise.  



*******

The interest rate will be locked at 3.375% for 30 days.

The loan amount will be $300,000 and the payoff of $317,485 was the figure obtained when I previously pulled your credit. The payoff amount will be adjusted prior to ordering loan documents.

On Mon, Mar 18, 2013 at 5:52 PM, Nahied Nowrouzian 

******,

Okay it looks good. What is the interest rate guarantee/lock?

I just want to make certain that I am borrowing $300,000.00 (three hundred thousand dollars and zero cents) with no out of pocket fees and closing costs of any kind, and I will pay off the balance from cash on hand. I am assuming that the figure of $317,485 was a payoff balance that you got from the bank at some point. However, I am certain that it will be less than that. Please confirm this.

Kind Regards,

****** **********


*******

Please find attached, the updated page 4 of the uniform residential loan application. Also please note, that the appraisal fee will be waived.

On Mon, Mar 18, 2013 at 4:36 PM, Nahied Nowrouzian <nahiedi@yahoo.com> wrote:

Hi ******,

Thank you for your e-mail.

Page 5 B and 6 #3 The charges for all other settlement costs has been left blank. Please list this as $0! send send  it back to me. Please let me know there is no appraisal fee.

Please send it to me now so I can print it before I go home.

Kind Regards,

****** **********

--- On Mon, 3/18/13, 



Hi *******

Per our telephone conversation, please find attached updated initial disclosures. Please sign, date and email back to me at your earliest convenience.

Thank you!

Sincerely,

****** ****** ***** ******** ****** ***** *** ******* ** *****


Business Response:

In the 1st instance, a Loan is not locked—a rate is locked, subject to satisfactorily completing an Application procedure which relies on the cooperation of the Applicant to provide necessary documentation . If the file is completed the rate can be formally honored, in writing (usually for 30 days) by the lender (in this case, *******). Emery is the Broker in the transaction and is tasked with obtaining the documentation required by the Lender, from the Applicant. Emery does not set rates and has no ability to force a Lender to offer or close a loan at a rate tied to the timely submission of loan application documentation, if the file is not complete BEFORE the Rate Lock is confirmed or expires.

In this instance, and as recorded in the Electronic Conversation Log, the rate originally quoted was not locked as the Applicant had not completed the necessary paperwork. As rates moved upwards, this Applicant refused to lock in a market rate and complete her file. The Loan Officer had no alternative, but to cancel the submission with ******* due to the lack of cooperation from the Applicant.

If requested, there is a complete Conversation Log and e-mail history available, which supports this Reply.

Consumer Response:

 

To Whom It May Concern,

 

Please send me whatever specific documentation they claim to have advising that the rates have changed. My contention is that their agent ****** ****** who represented Emery Federal Credit Union, ******* Loans, some other entity, or all of the above stated in writing what the rate lock was, terms of the rate lock, and furthermore offered to pay any additional fees or costs to extend the rate lock. They are claiming there was no rate lock because the loan application was incomplete, however this is inconsistent with the completed loan applications as well as the emails concerning the rate lock from their agent ****** ******. These were included in my last correspondence and reply. However, I am willing to submit this supporting documentation to you once again. Please see below.

 

Furthermore, if I cannot get this loan approved and funded as originally applied for, then I will have to choice other than to initiate legal action against all of the parties involved and let the courts determine who is ultimately at fault and liable. Please do not hesitate to contact me should you have further questions or require additional documentation.

 

Kind Regards,

 

****** ********** 

 
 
 
Good Morning ******,
 
Enclosed please find the file that your requested from me. Please let me know what else you need from me to expertize this procedure.
 
Please call me if you have any questions.
 
Kind Regards,
 
 
****** ********** ***** ********

-

The standard lock is 30 days. I will absorb the lock extension fee for any delays caused by myself or the lender.

On Mar 18, 2013 7:00 PM, ******* *********** ******************* ******
Can you close the loan within two weeks,why if the rate guarantee obly 30 days? If the loan does not close within 30 days and the interest rate goes up then what? What happens if the interest rates go down?
 
Please advise.  

--- On Mon, 3/18/13, *



*******
 
The interest rate will be locked at 3.375% for 30 days.
 
The loan amount will be $300,000 and the payoff of $317,485 was the figure obtained when I previously pulled your credit. The payoff amount will be adjusted prior to ordering loan documents.
On Mon, Mar 18, 2013 at 5:52 PM,
*******
 
 
Okay it looks good. What is the interest rate guarantee/lock?
 
I just want to make certain that I am borrowing $300,000.00 (three hundred thousand dollars and zero cents) with no out of pocket fees and closing costs of any kind, and I will pay off the balance from cash on hand. I am assuming that the figure of $317,485 was a payoff balance that you got from the bank at some point. However, I am certain that it will be less than that. Please confirm this.
 
Kind Regards,
 
****** **********
  
--- On Mon, 3/18/13, ****** ****** <


Please find attached, the updated page 4 of the uniform residential loan application. Also please note, that the appraisal fee will be waived.
On Mon, Mar 18, 2013 at 4:36 PM, 
Hi ******,
 
Thank you for your e-mail.
 
Page 5 B and 6 #3 The charges for all other settlement costs has been left blank. Please list this as $0! send send  it back to me. Please let me know there is no appraisal fee.
 
Please send it to me now so I can print it before I go home.
 
Kind Regards,
 
****** **********


--- On Mon, 3/18/13, ****** ****** 

Hi *******
 
Per our telephone conversation, please find attached updated initial disclosures. Please sign, date and email back to me at your earliest convenience.
 
Thank you!
 
Sincerely,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.



Regards,

****** **********




Business Response:

Emery, as a broker, gathers current pricing from our lending partners that are not allowed for distribution to the general public.  That being said,  the news industry and internet have a plethora of articles and publications on the recent  rise of interest rates we have seen the past few months.  As stated in a previous response, the loan was never actually locked as the file was incomplete so the Lender could not have proceeded to quote or close.  While the email string mentions “ we will lock for 30 days” there is no supportive documentation  that confirms the lock was actually done.  Further, there is no evidence of a Lock Confirmation.   Without a complete file in Lender Underwriting, the loan could not be formally locked as hoped for, and there is more than enough entries in the conversation log to support the facts as stated and the time it took to gather a complete loan file.

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

10/24/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: I recently, in good faith, applied for a mortgage with the Emery Federal Credit Union (based in Cincinnati, OH, but my home is in ****** ***** **). I dealt with a loan officer in the ********** office named ***** ********. After several phone conversations and going through their initial pre-approval stage of the mortgage application, ***** sent me the mortgage application for their underwriter ******** Mortgage) which included an appraisal request form. I submitted everything on August 8, 2013. According to *****, there was no communication on 8/9 from the underwriter and the weekend (8/10 and 8/11) had no activity either. ****** Links appraisal company was sent out on 8/12 at 10am, performed the appraisal, and the report was canceled at 12:15pm (according to ****** Links). According to *****, the underwriter did not see the same income that he saw on our initial application and denied us the loan (we ended up going with a much better mortgage option in the end anyway). Because the appraisal had already been done, I was charged $235 of the $450 appraisal, however, the report had not been written because of the cancelation and so I have nothing to show for my $235 fee. I gave all information to ***** ******** in good faith and trusted that he knew how to do his job well enough that he could pre-approve us without much worry. Since the appraisal was ordered before the underwriter was involved, because ***** ******** made an error in judgement in our documentation, and because I do not have any product from the appraisal, I hold Emery Credit Union responsible for my losses.

Desired Settlement: $235 refund from Emery Credit Union. Their credit card authorization clearly states that the payment was for the appraisal and I never received it due to their error.

Business Response: We have investigated this complaint and have authorized a refund as requested. It appears that the Borrower had shown part-time income which, under the rules, could not be included in evaluating her Debt to Income ratio, and coupled with  a review of her IRS  reported 2106 expenses, caused this application to fall outside DTI parameters. We believe this Loan officer may have been too enthusiastic, initially, and should have better analyzed the data before submission to underwriting and ordering the Appraisal.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

******* ************




BBB's Final Determination: Consumer accepted resolution offered by the business.

10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was told I would receive an interest rate of 4.39% on my home refinance. I told the loan officer several times that the home was an investment home. I did not live in the house. I asked him several times if the rate he quoted was correct even though it was not my primary residence. He assured me it was correct. 1 week before closing, the loan officer emailed me and said he made a mistake and did not list it as an investment home and that if I wanted to close next week I would have to pay 4.99% or we could tear up the paper work. He said it was his mistake. This sounds like a bait and switch con. In the meantime, The interest rate has gone up every where.

Desired Settlement: I would like for Emery Federal Credit Union to stand behind the interest rate we have the paperwork for. 4.39%

Business Response:

The lead for this loan from Free Rate Update on August 9th and the Property Use Field was blank.  (See attached)  When the LO called, the Borrower represented that the home was a Primary Residence which matches his attached ******** Driver’s License.

When the Borrower contacted the LO back on August 13, he informed  the  LO that the Property was Investment Property and therefore the LO made sure all Pre-Disclosures reflected that status and emailed the documents  to the Borrower for signatures.

At no time did the LO communicate with the Borrower that the Interest Rate was guaranteed or Locked In.  (See attached GFE Provided to the Borrower showing that the Rate was Floating”).When asked, the Borrower could not provide any emails or documents showing where the LO represented that the Interest Rate was locked in. 

The LO informed Borrower that the Interest Rate is not locked, though 4.99% was still available, and  showing Subject Property as an Investment.  Borrower formed that he had been working with another Lender all along who he felt certain had him locked in as an Investment Property loan at a lower Interest Rate.  The LO  encouraged the Borrower to follow up with the other Lender he was working with and obtain a GFE and Itemized Fee Worksheet from them, send them to the LO and he would personally compare to see which offer was better for  the Borrower.

We have not heard back since this  conversation with him, although The LO called him and left him a voicemail this morning and sent him an email. Borrower’s Loan Application shows that he is a ****** *******, so he may not be able to return the call or email until he gets a break or after ****** today.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

There are several emails on this message.
***** ********* ******* ***** ***** *********************** *********************** *** **** *******************  ***** ******* ****** *** **** **** ** ******** *** ****

*****

You're welcome to call me. It's not a "bait and switch" at all! All the documents also say investment. I said I made a mistake on pricing it as an investment. That's why the pricing was so good and I'm willing to bet that's why the other company's pricing was so good. No question about that. I'd be happy to give you my manager's name and phone number because as soon as I saw the error this morning I made him aware of it and told him stop everything so I could alert. ****, I'm not a malicious or "under handed" guy at all. I have a family just like you and believe in treating people right. I made a mistake and as soon as I caught that mistake I contacted you. "Bait and switch" would be waiting until closing to tell you. Sorry you feel that way, but hopefully you can understand a mistake. Have a good day.Sent on the ******* *** ******* **** ** **************** **** ************************ **** ** *** **** ******** ******** ******* *************************************** **** *************************** *** ****
That is not a great way to do business, We talked about it being an investment home several times. I will have a hard time saying anything good about your company. This seems like a bait and switch. Please destroy all of the documents. I will be contacting the BBB.


***** ******* ******** *********************** *** ****** *******************  ***** ******* ****** *** **** ***** ** ******** *** ****

****- Good morning. The loan is in underwriting and just caught a huge mistake on my part. I priced this loan as a primary residence when in fact it’s an investment property. That changes the pricing pretty significantly to 4.99%. Since this is my mistake, I can terminate the loan immediately and shred all documents or finish the process closing next Friday. I apologize for this major oversight on pricing. ******* ** ********* ***
***** ******
Loan Officer
Subject: Re* **** *******,I haven't heard from you so I thought I would check in. What can I expect next?

 **** ***** *********************** *********************** *** **** *******************  ***** ******* ****** *** **** **** ** ******** Re: Loan I should have an update for you Monday. I'll touch base with you then. Have a good weekend.*************************************** **** **************************:
 Re: Loan Yes, I collect rent on my property. $1200 a month. I have been in this house for 2 years. My wife pays the mortgage on the ***** Drive house. From: ******* ******** ***********************
*** ******************* *******************  ***** ******** ****** *** **** ***** ** ******** Loan ****- Good morning. I forgot to ask a few questions. Do you collect rent on your property? And if so, how much? Also, how long have you lived in your new residence with your wife? Lastly, does your wife pay her mortgage by herself?   ******* ** ********* ***
* ** *** ****** *** *** **** ****** **** *** ***** ****** ***** ********* ******* ***** ***** **** *******************
*** ******* ******** *********************** 
Sent: Friday, August 9, 2013 10:25 AM
Subject: Re: FreeRate - HARP Loan Request

Yes

From* ******* ******** *********************** *** **** ******************* 
Sent: Friday, August 9, 2013 10:22 AM
Subject: RE: FreeRate - HARP Loan Request

Ok, I'll call you at 11:00. Best number is ************?   ******* ** ********* ***

Sent: Friday, August 09, 2013 10:22 AM
To: ******* ********
Subject: Re: FreeRate - HARP Loan Request

Anytime

***** *********************** *********************** *** ***************** 
Sent: Friday, August 9, 2013 10:02 AM
Subject: FreeRate - HARP Loan Request

Good evening. I wanted to follow up on your HARP mortgage request. My current 30yr fixed is 4.125% with only $477 in lenders' fees and I can close your loan in less than 17 days. My company's credentials are as follows:

***** ******* ****** ***** ****** ******** ****** ** ***** ******************* ******** ****** ***** ***** ** *********** ** ******** ** ** ******** ** *** ** ******


What would be the best time to discuss?

Regards,

**** ******




Business Response:

As a Broker, and not a Lender, Emery can only offer the Loans that fall within the Lender’s guidelines. Once ascertaining that the loan had to be treated as an investment property, rather than as his residence, The LO attempted to explain what was available, not as a “switch” but what could be offered in the circumstances. We realize that this Borrower has asked that we destroy his documents, a request that we can honor, but in the meantime, the LO has attempted to contact Mr. ******, to no avail. The LO would like the chance to help resolve his concerns, if possible, especially as the Loan Rates have dropped, somewhat, in the market . Please contact **** at ###-###-#### and she can help you further.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In December of 2012 I went online to find a FHA streamline refinance on my mortgage. I was contacted by Emery Federal Credit Union, who offered to help me with the refinance. *** ****** was put in charge of my account and he had me send him multiple papers about my current mortgage. He had me send him my current mortgage note, two months bank statements, tax returns for the past 2 years, social security cards, years worked at my job, and years of education. In February of 2013 he sent me an e-mail telling me that he had all the paperwork needed and he was processing them but the were behind schedule so it was taking a long time. In March of 2013 after multiple times trying to contact them I was contacted by **** ***** who told me *** ****** no longer worked for them and he had assigned ****** ****** to my account who contacted me and asked for more paperwork. Then a few weeks later I was contacted by ****** **** who said he was now on my account and he needed all the paperwork again. I sent all the paperwork again. He then sent a notary to my house to sign lots of paperwork and get more paperwork. He then contacted me and said everything looked good and my rate was locked in at 3.5%. He said they were backed up and it would take a couple of months to process. In May 2013 after multiple times trying to contact them I was told they needed more paperwork, which I sent. He then said everything was good and we were in the conditional stage of the program. After 2 weeks I contacted him and asked if we were for sure approved and he wrote back not to worry we were approved. In June 2013 he said he was still waiting. In July/August 2013 he wrote back and said they couldn't approve me because my house was a mobile home.

Desired Settlement: I think they should be held to the 3.5% rate they guaranteed me multiple times in writing. I asked multiple times if I should be worried it was taking so long and if I should try other lenders. I was told there was no problem and the program would go through. Now the interest rates have gone up and I can't refinance at the same good rate. I provided all the paperwork they asked for and they should have known everything about my house from my original mortgage note and the notary.

Business Response:

While we never like to have an unhappy Member, unfortunately in this instance, the Loan Officer was not properly informed by the Borrower of the circumstances surrounding a description of the property intended to be pledged as collateral for this loan. Working under the presumption that this was a single family standard unit, the LO submitted the loan to the lender for approval (and which was approved by ******* Mortgage, the Lender). While “clearing” the stipulation set by the Lender , the Applicant provided information, on the Homeowner Information Declaration, that the Unit was a manufactured home.

At that time it was determined that that the loan could be moved to another Lender (AFR) but the rate would be much higher than Applicant would accept.

Subsequently, ******* Mortgage began to accept FHA manufactured housing loans, but at a much higher rate, also. At current market rates there is no advantage to this Applicant. Again, we do understand Applicant’s frustration but, as the Broker, we submit the information we are given, and are subject to the parameters set by the Lender. In this case, the submission of a manufactured home was outside the guidelines for the type of property and for a loan at the rate requested or available.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

]

Regards,

******* *******



Just read my entire complaint and you will see my only problem was not just the fact that they wouldn't give me the loan.  My main problem was that I was promised that the loan was guaranteed to go through so I didn't need to worry about talking to any other lenders about a refinance.  Then after the interest rates have climbed they tell me they can't loan the money because of the type of house I own.  They say they didn't get all the information from me but I sent them everything they asked for multiple times.  Any competent loan officer would have asked about the house if they thought there would be a problem with the loan before guaranteeing the loan.  I think that other people should see this and understand that they are a terrible company and anyone else that is thinking about doing business with this company should think twice.  I will tell everyone I know who owns a house to steer clear.  If nothing else they owe me for my time, I spent hours getting paperwork and sitting down with the guy that came to my house and had me sign dozens of papers.  They say they didn't know about what type of house I had and yet they had my original loan papers that stated everything they needed to know and they sent someone to my house who was inside my house and could see that it was a manufactured home.   

Business Response:

I think the best way to communicate at this point is over a telephone call.  Please contact us at ###-###-#### and ask for ****.

Thank you.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We refinanced our mtg through Emery CU. The loan officer emailed disclosures to us to sign and return. In those disclosures there were several fees not listed that were later charged at closing. We were also told our loan amount would not increase yet it did. We have since filed a complaint with the National Credit Union Administration and they have found the CU in violation of respa laws. This has gone on since February and to make it go away the CU has said they would give us one of the fees back totalling ,1604.82 which is nowhere near the amount they owe us. During the investigation with the NCUA the CU never provided the signed initial disclosures we returned that show the major discrepancies. Per respa laws and per the good faith estimate issued to us the CU owes us 10,503.14 plus a violation fee of 10,000. The major changes that happened to our lending laws were meant to keep things like this from happening to consumers.

Desired Settlement: $10,503.14 = amount not disclosed on the original good faith estimate.$10,000.00 = respa violation fine (this could have been resolved immediately, I brought it to the compliance managers attention at Emery CU right away).

Consumer Response: No legal entity has been notified as of yet.

Business Response:

The sequence of events, as stated by the Complainant, is at odds with the documentation in our electronic file.

In the first instance, ***** **********, is a sophisticated Complainant (see attached) who was afforded professional courtesy but has no standing  in this Loan Application, as she was not a Borrower, but at all times acted as the Borrower’s contact person with Emery.

The Loan Officer first gave the Complainant/Borrower, Loan information by phone on 12/11/12.  Thereafter, an initial Loan Application package was sent (12/12/12) and noted that the Borrower wanted the “…lowest rate available with the least impact on the escrow balance.”  In fact, that is what was provided, and as noted in the Complaint: “it actually ended up … in our favor.” The rate was locked at the best rate available, which rate has not been quoted  lower since initially quoted, and has remained the same throughout this process.  A change of Circumstance was sent to the Applicant once it was determined that he did not qualify for a V.A. waiver therefore we have no GFE violation.

Borrower signed and returned the Application on 12/16/12.  After review and the completion of a the Application Package, a GFE was sent to the Borrower (12/19/12).  The GFE included the VA Funding Fee and otherwise met with the requested terms for the mortgage (see attached).

The ******* Mortgage (Lender) Disclosures, also noted the VA Funding Fee and contrary to the Complaint, *******, also sent a Change of Circumstance notice, and Revised GFE (see attached).

On closing, the Borrower received approximately $2400 refund from the current Escrow Account, indicating the net impact was $300 dollars.

Based on the Complainant’s employment history, it is obvious that at least one of the Complainants (not a Borrower) was certainly aware of the conditions leading to the  request and granting of the  lowest rate. Based on E-mails, she obviously also made the Borrowers aware, so there would not be any surprise to the Borrowers.   Further, upon reviewing telephone logs; the disclosures; and, the specific Loan terms as requested and closed, Emery believes this matter was handled in a professional manner and gave the Borrowers exactly what was requested. The Complainant ***** ********** has taken exception to this trail of documentation, however, ***** is not a party to the transaction nor impacted  by any decision made by the Borrowers.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

MESSAGE FROM BUSINESS:

The sequence of events, as stated by the Complainant, is at odds with the documentation in our electronic file.In the first instance, ***** **********, is a sophisticated Complainant (see attached) who was afforded professional courtesy but has no standing  in this Loan Application, as she was not a Borrower, but at all times acted as the Borrower’s contact person with Emery.

 I was in fact the contact person for my parents in this transaction and the reason for that is because the Loan Officer, ***** ****** contacted us at our home. I told him repeatedly over a couple of months time that we weren't able to do this transaction because our parents no longer lived in the property and it was a non owner VA loan. He continued to pursue a loan from us and assured me over and over that it could be done. I was still skeptical so I didn't want my parent's time wasted until we new for sure that it would work. If I don't have a standing with this loan then why did my husband and I sign over half of the final loan papers for the title company?


The Loan Officer first gave the Complainant/Borrower, Loan information by phone on 12/11/12. Thereafter, an initial Loan Application package was sent (12/12/12) and noted that the Borrower wanted the “…lowest rate available with the least impact on the escrow balance.”  In fact, that is what was provided, and as noted in the Complaint: “…it actually ended up … in our favor.” The rate was locked at the best rate available, which rate has not been quoted  lower since initially quoted, and has remained the same throughout this process.  A change of Circumstance was sent to the Applicant once it was determined that he did not qualify for a V.A. waiver therefore we have no GFE violation. (Your quote that, "it actually ended up in our favor" is misplaced and you know that! That was used in comparing apples to apples in box 2 of the original and the final good faith estimates. You did not accurately quote the rebate/yield spread premium offered with the interest rate of 3.375%) Tell me how you determined the VA Borrower did not qualify for the VA waiver. Per the initial request for a certificate of eligibility provided by you on 12/12/12, it states that the borrower is NOT disabled in box 8A. You knew all along or else that box would have been marked "yes" for disabled.
***** ****** sold us on the loan by promising-1. The loan amount will not increase from where it was currently at. 2. Two months of payments would be skipped. 3. The current escrow account would be refunded. The rate was not ever based on the escrow balance in our discussions and again, ***** was NEVER told that the VA Borrower was disabled.  The rate quoted to us by phone was 3.25% even though ***** knew the entire time this was a non-owner. On 12/12/12 when we saw the initial disclosures I questioned the rate being 3.375% but ***** said the rate was higher for non owner occupancy. I didn't believe him at the time but the rate was still good so we kept it as is.  Had we seen the correct rebate/yield spread premium (in box 2 of the gfe) and correct loan fees (in box 1 of the gfe) disclosed on the 12/12/12 good faith estimate, there would been time to make an informed decision as to if we wanted to move forward. Other than the good faith sent to us on 12/12/2012 , nothing else was sent to us from Emery Federal Credit Union until 2/1/2013, 6 days before our final loan papers. 


Borrower signed and returned the Application on 12/16/12.  After review and the completion of the Application Package, a GFE was sent to the Borrower (12/19/12).  The GFE included the VA Funding Fee and otherwise met with the requested terms for the mortgage (see attached).

  If that was truly the case, we would have received the 12/19/12 good faith estimate that you are talking about. Furthermore, You can't create a loan package with disclosures and then amend a good faith estimate without a reasonable change of circumstances, which you did not have. Your loan officer making a mistake does not qualify a change of circumstances. Nothing changed on our end to the file at any point that would cause you to make a change. ***** ****** completed a loan application 12/12/12 and sent it to be signed (which it was) not an application to be completed. If that were the case then please provide the signed copy of the good faith estimate from 12/19/12 (which we NEVER received). 


You The ******* Mortgage (Lender) Disclosures, also noted the VA Funding Fee and contrary to theComplaint, *******, also sent a Change of Circumstance notice, and Revised GFE (see attached).

The disclosures from ******* Mortgage do not matter. Those were sent ***uary 3, 2013 which was obviously more than 3 days from time of application and locking the rate. We did not even know that the loan was being brokered out to ******* Mortgage.

On closing, the Borrower received approximately $2400 refund from the current Escrow Account, indicating the net impact was $300 dollars.Based on the Complainant’s employment history, it is obvious that at least one of the Complainants (not a Borrower) was certainly aware of the conditions leading to the  request and granting of the  lowest rate. Based on E-mails, she obviously also made the Borrowers aware, so there would not be any surprise to the Borrowers.   Further, upon reviewing telephone logs; the disclosures; and, the specific Loan terms asrequested and closed, Emery believes this matter was handled in a professional manner and gave the Borrowers exactly what was requested. The Complainant ***** ********** has taken exception to this trail of documentation, however, ***** is not a party to the transaction nor impacted  by any decision made by the Borrowers. 


Refer back to where I stated the promises from ***** ******. The refund of the escrow account has no bearing on any charges for the loan from Emery Federal Credit Union. Again, in reference to being a party in the transaction, myself and my husband gave our social security numbers and information to ***** ******. We signed loan documents with the notary from the title company which included the deed and the final hud-1. The final hud-1 has 4 names on it, ***, *****, ****** and ******** **********. That makes me a party to this transaction! Show us the phone logs and all of your change of circustances. I am really curious to see all of the changes your company said that we made to the loan that actually did not happen.
The reason we signed the HUD-1 was because the lock was going to expire and with rates rising we were at risk of losing the rate that we had. 
I have the documentation to back up my claim and I am sure that you do not. Also, I am curious as to what disclosures were given to ******* Mortgage and who's signatures are on them. If you would like to have the complaint come straight from the primary borrower, that will happen. 


Bottom line: What matters is that box 1 and box 3 of the signed good faith estimate provided to us within 3 days of the loan application and rate lock date does not match the final settlement statement. As you will see below there is a zero tolerance for changes in box 1 of the gfe and 10% tolerance for box 3. The original gfe dated 12/12/12, box 1 has no cost. The final settlement statement shows 8,870.62. The original gfe dated 12/12/12, box 3 has no cost. The final settlement statement shows 1,604.82. Based on these differences, Emery Federal Credit Union owes 10,475.44 to *** and ***** **********. Please reference the website and notes below regarding the RESPA (Real Estate Settlement and Procedures Act) laws.

http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf
Changed circumstances are defined as:• acts of God, war, disaster or other emergency;• information particular to the borrower or transaction that was relied on in providing the GFE that changes or is found to be inaccurate after the GFE has been provided;• new information particular to the borrower or transaction that was not relied on in providing the GFE; or• other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems.Changed circumstances do not include the borrower’s name, the borrower’s monthly income, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any information contained in any credit report obtained by the loan originator prior to providing the GFE, unless the information changes or is found to be inaccurate after the GFE has been provided. In addition, market price fluctuations by themselves do not constitute changed circumstances.Changed circumstances affecting settlement costs are those circumstances that result in increased costs for settlement services such that the charges at settlement would exceed the tolerances or limits on those charges established by the regulations.Changed circumstances affecting the loan are those circumstances that affect the borrower’s eligibility for the loan. For example, if underwriting and verification indicate that the borrower is ineligible for the loan provided in the GFE, the loan originator would no longer be bound by the original GFE. In such cases, if a new GFE is to be provided, the loan originator must do so within three business days of receiving information sufficient to establish changed circumstances. The loan originator must document the reason that a new GFE was provided and must retain documentation of any reasons for providing a new GFE for no less than three years after settlement.None of the information collected by the loan originator prior to issuing the GFE may later become the basis for a ‘‘changed circumstance’’ upon which it may offer a revised GFE, unless:• it can demonstrate that there was a change in the particular information,• that the information was inaccurate, or• that it did not rely on that particular information in issuing the GFE. A loan originator has the burdenof demonstrating nonreliance on the collected information, but may do so through various means, including through a documented record in the underwriting file or an established policy of relying on a more limited set of information in providing GFEs.If a loan originator issues a revised GFE based on information previously collected in issuing the original GFE and ‘‘changed circumstances,’’ it must document the reasons for issuing the revised GFE, such as its nonreliance on such information or the inaccuracy of such information.

Block 1 - The origination charges, which include lender processing and underwriting fees and any fees paid to a mortgage broker;Note on Origination Charge: This block requires the disclosure of all charges that all loan originators involved in the transaction will receive for originating the loan (excluding any charges for points). A loan originator may not separately charge any additional fees for getting the loan such as application, processing or underwriting fees. The amount in Block 1 is subject to zero tolerance, i.e., the amount cannot change at settlement.
Tolerance Categories• Zero tolerance category. This category of fees is subject to a zero tolerance standard. The fees estimated on the GFE may not be exceeded at closing. These fees include:– the loan originator’s own origination charge, including processing and underwriting fees;– thecreditorchargefortheinterestratechosen (i.e., yield spread premium or discount points) while the interest rate is locked;– the adjusted origination charge while the interest rate is locked; and– state/local property transfer taxes.
 Ten percent tolerance category. For this category of fees, while each individual fee may increase orConsumer Compliance HandbookRESPA • 5 (6/10)Real Estate Settlement Procedures ActReal Estate Settlement Procedures Actdecrease, the sum of the charges at settlement may not be greater than 10 percent above the sum of the amounts included on the GFE. This category includes fees for:– loan originator required settlement services, where the loan originator selects the third-party settlement service provider;– loan originator required services, title services, required title insurance and owner’s title insur- ance when the borrower selects a third-party provider identified by the loan originator; and– government recording charges.
Included in the ten percent tolerance  would also be the VA funding fee.

Regards,

***** **********





Business Response:

*****, please contact our corporate office and ask for Cari to address any additional concerns.  I do not feel we will get to a solution working through the electronic means. (Please note, she will be out of the office until the end of next week).

Thank you.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/4/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In November of 2012 I recieved a (cold call) letter from Emery Federal Credit Union advertising mortgage refinancing products. When I contacted them, I explained early on that I wanted as low an interest rate with as little down at closing as possible. Throughout the entire process I dealt with one individual who would promise to get back to me, require documents to be submitted, forms to be signed and while I would take care of these in a timely manner, I would go weeks before I heard anything. I probably should have walked away but recognize that the more times banks or credit unions check your credit history, it pulls down a personal credit score. I just wanted to finish the process with this company that made many promises. In May of 2013, in an attempt to bring this process to a resolution, I asked for Emery to submit their final offers. They sent me 3 interest rate levels and the amount that would be required to be brought to the closing. I settled on one and a closing date was arranged. Since I am out of state, Emery would have to arrange for someone to come to my house to sign the documents. Two hours before the closing I was contacted (by the person I had been dealing with for over 6 months) and told that I need to bring more than double the amount to closing than was previously required. He blamed it on *** **** States high taxes (this was supposed to be factored in in May). When I spoke to this person's supervisor, he apologized and offered no other explanation, but promised that he would personally work with the lender to try and "get the best deal possible" and he would get back to me. 8 days later I need to call Emery to find out what the bottom line was going to be and they explained that it was take it or leave it. Before I formally complained to the BBB and **** I reached out to the CEO of Emery, but received no communication. All I'm looking for is what was promised to me in May of 2013, especially now that interest rates are continuing to rise.

Desired Settlement: 1)My preferred settlement is to receive the refinancing package that was promised to me in their May 2013 email. 2)Emery should temporarily refrain from seeking customers outside of Ohio.3)Send a letter to my current mortgage company explaining that they were the reason for my late June mortgage payment (they instructed me not to make the payment due to the closing).4)Emery should publically acknowledge they are working to fix their customer service problems and speed up the refinance process

Business Response:

Below is the Timeline for this transaction which illustrates two important aspects:1. This was a complicated process made  more complex by the Lender, and 2. It illustrates the great effort this LO put into trying to close this loan for the Borrower. The LO was regularly in contact with both the Borrower and the Underwriter for the Lender (****** Bank) but as a Broker, Emery was limited to undertaking the tasks and requests created by the Lender in a changing rate market.

With the limited funds available to bring to the Closing Table, each delay  created a new issue. While this explanation may not satisfy the Borrower, it does explain the basis for both the Borrower’s and the LO’s frustration. Please Note the  Electronic Conversation Log (attached) which tracks this explanation.

-          LO completed app and sent to borrower 12/12.

-          App back in the office 1/7

-          Application was missing NOTE and Mtgt statement which are required items to submit the loan to the lender. Current mortgage with **********, payoff’s take 10 bus days to receive payoff.

-          File was registered with ***** mortgage. Loan # *********2. Locked on a 75 day lock at 3.375 with credit of -2.186. Rate expiring on 3/31

-          Received all required documents to submit loan 2/13 (Note/Payoff/Mtgt Stmt)

-          Loan Conditions Approved on 2/21 – Conditions sent to LO 2/22 (Lender did not condition for assets at this time)

-          Conditions received and submitted back to the lender on 2/27

-          3/1 – Received confirmation from ***** CRR that conditions were received and submitted back to the U/W

-          3/13- Did not receive a response from *****, so I emailed CRR for update

-          Response from CRR: We did receive conditions on 3/1 and the loan was reconditioned by the underwriter for:

UPDATED: using this new pay off the borrower is short funds to close borrower to provide bank statements for funds to close  equal or greater than $2200

-          Emailed LO to request bank statements from borrower

-          L/O contacted borrower and left message about needed funds for closing and requested bank statements

-          3/25 – LO speaks with borrower and borrower advised LO that he did not want to bring these funds to the closing table     

-          L/O offered to increase rate from 3.375 to 3.50 with credit of -2.686 in an effort to lower the closing costs. Still expires on 3/31

-          3/31 – Still waiting on assets from borrower. Rate expires same day. Rates were higher than original lock so we have to request extension 20 days.

-          4/2 –  ***** Bank Stmts received and submitted to lender. Balance  of statement $********

-          4/3 – Lender came back asking for Feb bank statement. Requested from LO

-          4/5 – Borrower sent in Feb. statements, submitted to lender same day. Balance of statement $********.  Requested new payoff.

-          4/15 – Received updated payoff from ********** and submitted to lender.

-          4/16 – received response from lender with new payoff and prev. rate extension borrower’s estimated cash to close is now $********. We now have assets verified for $********. Waiting for U/W final approval.

-          4/29 –Received response from lender File is now over 45 days, Feb. Bank stmts are now expired. Lender requires more recent bank statements. Requested April bank stmts from LO. Credit Report also expired

-          *** – received borrowers Aprils bank statement. Statement balance is $******** (Because Borrower had less funds on April bnk stmt vs March stmt April assets are now being used to verify CTC)

-          Submitted bank statement/ new pay off to lender/ New credit report.

-                      Rate was relocked on *** @ 3.5% paying 102.561 credit to the borrower. Expiration 6/2

-          5-13 – Lender came back stating that we are still short funds to close now cash to close is $***** because lender was showing taxes were still due when they had already been paid.  I called title company and requested updated tax cert to reflect the taxes paid, this lowered the cash to close to an estimate of ****** however with Aprils statement only showing a balance of $******** we still have a cash to close issue.

-          L/O contacted the borrower giving him option to increase the rate, borrower was trying to decide whether to move forward.

-          5/28  LO speaks with borrower to increase rate/credit one last time to from 3.5 to 3.75 at credit of 3.686, expires on 6/2. Cash from borrower is now estimated at $******** in encompass. Cash to close issue was resolved. At this point payoff in file was set to expire, o**ered new pay off which takes 10 bus. Days to receive.

-          ***1 – Rate set to expire again – LO asks for 3 day free extension. New expiration is 6/5

-          6/4 – Lender final approves the loan but Lender asks for updated title/VOM and New payoff to obtain a clear to close (Payoff was already ordered at that time, just waiting to receive it.)

-          6/5 – Rate extended 10 days at the charge to the borrower – rate now expires on 6/15 credit should be *****, but in ***** system it was showing 3.561 which are the figures we used for Encompass as well as what we were going off of for quoting borrower cash to closing at estimated $*******

-          6/6 – All CRR conditions obtained and submitted back to the lender for clear to close

-          6/6 – Received clear to close and scheduled closing with lender/title company for 6/10

-          6/10- Lender has not responded with HUD approval, I probe for answers and CRR responds stating that we still have a cash to close issue.

o   From CRR:  have figured out what is going on with this file.  We have a cash to close issue on it.  The borrower is currently bringing ******* to closing with only 2198 verified.  We need additional assets or a new prelim *** with reduced fees. 

The 10 day extension as well as the discrepancy in *****’s system along with interim interest (FHA loan) caused the fees to increase.

- We requested assistance from A/E on rate extension costs due to the situation in hopes to lower the cash to close issue. Per A/E they were unable to provide us with any free extensions or reimbursement of prev. ext. requests.

-          L/O contacts borrower and borrower advise LO that he does not have the funds to close.   Advised that rate is expiring and can no longer be extended also advised rate no longer available.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Despite Emory Federal Credit Union's response to the situation all they have done is rationalize and justify my complaint in that 1) that the mortgage process took well over 7 months and could have easily continued well beyond that time frame. 2) The record proves that Emory or Emory's lenders customer service was atrocious by changing agreements and not working in a timely manner. 3) Only once my complaint was filed was there ever an issue about how much money would be brought to closing. I was very upfront from day one about my needs and expectations and according to their response, they are attempting to blame me for things not working out. 4) They did not address in any way one of my suggested resolutions. They have supported my complaint and want to be let off the hook for their treatment of a potential client. If they had their way, Emory would encur not one consequences for their business practices. In my view, this is unacceptable.

Regards,

 

***** ******* ***

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

9/13/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: I have filed a dispute with ********** regarding my creditor Emery FCU on May & June and Emery FCU has failed to correct the discrepancy. The Bankruptyc filing date is incorrect and since has been discharged for the full amount 4710. I have since contacted Emery FCU several times at ###-###-#### and have been tossed from person to person. I have left voice mails and still have not been contacted. The amount owed was all inclusive in the bankruptcy there is no amount due and the date needs to be corrected.

Desired Settlement: Remove amount owed as its been satisfied in the Bankrupty. Update the statement of Date filed and Discharged of the Bankruptcy. A letter to me stating this has been resolved.

Consumer Response:

Attached are copies of material from the Chapt13 Website.  Please let me know if this is sufficient.  There is not a document online (other than attached) stating discharges.  I have the original letter in file.  I will try to get it scanned into the computer to send.  Hopefully the attached documentation is sufficient. 

Business Response:

This member filed Chapter 13 bankruptcy February *** ****.   

Once Emery received notice of the bankruptcy, (March 2009), our core processing system and our 3rd party MasterCard  system were coded to show a Chapter 13 bankruptcy filing.

Emery charged off the balance of the MasterCard ($4,710.37) and the unsecured portion of loan (7,313.21) according to our internal policies and procedures close to the date of the bankruptcy filing.  Her bankruptcy plan only called for a payment of five (5) cents on the dollar to unsecured creditors. 

The member completed her Chapter 13 bankruptcy plan and received a discharge on May 14, 2013.  Again, once Emery received notice of the discharge, our core system and MasterCard system were updated with the discharge information. 

In June or July of 2013, the member called collections to ask that her credit bureau be updated.  I advised her that she would need to file a dispute with the credit bureaus.    (Her statement indicated that a dispute was filed in both May and June but we can’t verify that)

In July 2013, our dispute employee reviewed an ******* request (generated by the filed dispute) to update the member’s credit bureau file.  We discussed the account and verified that the account was coded correctly in both the core system and the MasterCard system.  Therefore, there was no update to the credit bureau based on the dispute.   The dispute employee then received a phone call from the member regarding the ******r filing.  She tried to return the call but there was no answer or voice mail at the number left by the member. 

 It should be noted that neither system (core or MasterCard) appends a date to the file maintenance when a bankruptcy is updated from “Chapter 13 petition filed” to “Chapter 13 discharged”.   It is our belief that the member may have incorrectly read the credit bureau seeing the discharge date as the date of filing. 

Additionally, when payments for a charged off MasterCard are received, the balance on our systems is not updated; entries are made to a ** account for charged off accounts. 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

Regards,

****** ******

 

According to ALL credit reporting agencies, the creditor is responsible for updating their information to the credit bureaus -THEY the CREDITOR reports to the credit bureaus which is why I am/was referred to Emery CU.   Emery is stating I have a balance-if it was charged off - it should be a zero balance and noted - it is a charge off (as you can see others are reported that way).  There is no debt owed to Emery and with the way it reads I have been notified by Creditors this is showing outstanding balance and appears not paid.  I understand the historical data showing past due, but it is over and no balance owed on any account with EMERY. 

I've contacted my Attorney **** ** **** in Cincti and he also agrees EMERY is responsible for showing a zero balance as well as the Office of Trustee -  you also received the Discharge Papers which show a ZERO balance.  This should show ZERO balance and noted, charge off and Bankruptcy Discharged. 

If this is not to be completed by EMERY I would like to know as I will consult with legal counsel.   

Please advise.

****** ******

Business Response:

We have verified that the information is being reported correctly to the credit bureau, but I would like to verify what Ms. ****** is reviewing.

We did not receive notice of the discharge until June, which is when we made the update.  This update did not make the June upload to the credit bureaus, so it would not have been seen until after the July update was made.  If Ms. ****** is looking at a credit bureau report prior to this then the information would be incorrect.  A current report should reflect the correct information.

We want to make sure that this is rectified.  If necessary please contact ***************** and address the email to Ms. *******.

Thank you.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

7/9/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We were refinancing our home with Emery Federal Credit Union. We had a GFE of 3.25% 30-year fixed with $3800 cash at closing. So at this point, we stopped shopping around and started responding to all the requests that they required.Literally about 3.5 hours prior to signing/closing, they called to say that they had increased the cash at closing by about 200% to over $7000. They gave a litany of excuses as to why they had to do that.At that point, we had missed out on the 3.25% rate since rates have gone up, we incurred the cost of having to switch our home insurance and paying a higher premium as requested by Emery and we incurred a late payment fee for our mortgage since Emery says not to pay the mortgage the month of the closing so they can have their numbers correct.The supervisor called me after the deal fell through and sent a HUD with the same 3.25% 30-year fixed but this time with a $9000 cash at closing.These companies are incompetent at best and dishonest and predatory at worst.We worked with:***** ********** *****3Loan OfficerThe supervisor, ******* in TN at ###-###-####And *** ****** at the ******* ****** of *** Bank at ###-###-####

Desired Settlement: Emery should be held to their GFE (3.25% 30-year fixed for $3800 cash at closing) since I was.

Business Response:

Because of the many facts and log entries involved, we have set forth the Loan Officer’s Summary of events taken from the Electronic Conversation Log for the ******* File. Note that upon receiving the financial information from the proposed Lender for this Loan, the LO sent a Change of Circumstance Report as required by RESPA and is sending a new GFE as required. The LO  is still working with this Borrower, to effect the close of a loan acceptable to Mr. *******, under the circumstances as now defined by the Lender and the Insurance Company. The last paragraph was written by the LO in defense of his actions, and commitment to this Borrower.

In response to Mr. *******’s BBB complaint:

When I first received the call from ****** ******* on 4/23/2013, he told me right away that he had been trying to refinance for a long time but could not find a lender who could help because his property was an FHA investment and it was underwater, value wise, and would not appraise for what was owed. I searched our database of lenders and found two which would work with this. Because we were the only lender he had found in his search who would work with his situation, we began the process. When we discussed goals in the beginning, Mr. ******* asked to have a gap of not making two months payment between his current mortgage and new mortgage. We ran the file through *** Banks GFE approval system and sent everything off to the borrower on 4/24/2013. The signed paperwork was emailed back on 4/29/2013 at which point the file went into underwriting. On 5/7/2013, we received notification from the underwriter that a **** drive-by appraisal would be required as the HVE did not come back for this property. This was a surprise to us but it was ordered and paid for by myself because in the beginning I told Mr. ******* that at no point would he have to pay for an appraisal.

On Thursday, 5/9/2013, I received notice from Mr. ******* that he and his wife would be leaving the country that following Monday for 8 days. We scrambled to get conditional approval in one day as that is what was the only hope of getting everything submitted for full approval. During their time away, we were given notice by *** Bank that their property was under-insured at $199,200 with no replacement insurance and the refinance on the property was for $255,089. In order to complete the loan *** Bank required the insurance to be adjusted. When I communicated this to Mr. *******, he told me that his current insurance company would only take them to $206,000 with no replacement coverage as ********* is a coastal city and they do not offer that. *** Bank would not accept that amount and the only other option was to shop carriers. Mr. ******* communicated with me that this was “a deal killer” and they did not want to move forward. This was on 5/23/2013. That same evening, he called me back and stated that he had thought everything over and wanted to continue the process and would begin working on the insurance transition the following day.

The afternoon of 5/24/2013, we received a notice that the carrier he had selected could take him to $233,000 but still with no replacement coverage. For the following 2 days, *** Bank and the new carrier went back and forth trying to get the insurance complete. Finally on 5/29/2013, everything was cleared to go to closing and we scheduled for 5/30/2013. At that point, the only additional cost that both Mr. ******* and I were aware of was the year’s worth of premium for the new policy that would need to be taken care of at closing. The money to closing did increase substantially, which was a surprise to me. When I called Mr. ******* to talk to him about final numbers, he would not hear me through and hung-up on me. What I tried to explain to him was as follows:

        The increase from the original GFE came from the following: (1) interest from previous loan as it is an investment property only allowing principal payoff to         

         be new loan amount (this is why we were attempting to close at the end of the month, so they would not have to pay double interest) (2) years worth of

         insurance premium (both he and we knew about) (3) as the 2055 appraised value came in at $177,000, *** Bank unknown to us adjusted the yield spread

         (we were not made aware of this change until the final HUD).

While I do agree with Mr. ******* that the final number that was given was a shock, when the original GFE was given back on 4/24/2013, we could not predict the events that unfolded during the course of this loan. Over the course of the last year, I have successfully worked with 55 clients who have all been extremely satisfied with their new loan and their experience with both me and Emery Federal Credit Union. Up until this unfortunate turn of events, I personally have not had one loan get to closing and not close. Many of my clients have been referrals because of the service that was provided. I know that if any of them were asked, the words “incompetent, dishonest and predatory” would not come up at all. I work extremely hard to give all my clients the best service available. I take each of their new loans very serious and strive to deliver the original goals that we set out in the beginning. Despite the complaints made by Mr. *******, he has continued to ask to work with us in an effort to complete his refinance at a slightly higher rate so that some of the closing costs could be eliminated with lender credit.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

 

The overall summary and gist of what ***** ****** detailed is correct with some minor exceptions:

1) I did not say I could not refinance because my house was underwater.  I clearly stated that I could not refinance in the past because my property was a rental property and not primary residence.  The term underwater never came up until their 'drive-by appraisal.'

2) I never asked for a 2 month gap between mortgages.  ***** explained that when they closed on refinances, that is how it worked. 

3) ***** reports that he paid for the drive-by appraisal.  I believe that you cannot charge more than 10% of the GFE estimate on that according to the 2010 law so this was not him going out of his way - this was following the law.

4) The conversation of my wife and I going on vacation is irrelevant and any scrambling done by Emery was of their own doing.  I clearly told ***** we had access to computers and fax machines so that I could do anything necessary from our vacation.  In fact, ***** emailed regarding getting another paper signed that had not arrived by mail so they wanted it re-signed.  I was about to do it when he emailed back and said they would just have us sign the paper at closing.  So the idea that we were unreachable is patently false.  In fact, I was fine closing in May or June.  ***** originally said June and they called back to say they could do it in May - I was indifferent.  So if Emery was 'scrambling' around, that was their own doing.

5) In terms of the point where ***** reports I 'hung up' on him, that could only be true if he was not listening to me.  I repeatedly told him I was bringing my son to his dentist appointment and I spoke to ***** the entire car ride and when we got to the dentist and had to go in, I told him I had to go in with my son and that I would call him when I got out (which I did).

6) Lastly, I did not ask to work with  Emery on another loan.  ***** said his boss would call me and when ****** called me, he said he would try and come up with another solution - which took the form of the same deal but even higher closing costs, or a deal with a higher interest rate but lower closing costs.  I never asked to work with them, they reached out (which was appreciated).

 

The above issues, while important enough to respond to, do not compromise the complaint.  The complaint is not directed at ***** as the response appeared to assume. 

 

The issue is I had a GFE in hand and 2.5 hours prior to the closing, the closing costs more than doubled.

 

I believe that the law was violated and that Emery bears the responsiblity.  In terms of the GFE, the 2010 law states:

 

 

 

Charges that cannot increase:

1.     Origination charges

2.     Credit or charge for a specific interest rate chosen

3.     Your adjusted origination charges

4.     Transfer taxes

Charges that cannot increase by more than 10%:
     1.     Government recording charges
     2.     Mortgage insurance premium
     3.     Appraisal fee
     4.     Credit report
     5.     Tax Service Fee
     6.     Title service and lender's title insurance
     7.     Owner's title insurance
     8.     Survey

Charges that can increase:
     1.       Initial deposit of your escrow account
     2.     
 Daily interest charges
     3.       Homeowner's insurance

Under the guidelines, the numbers of the Good Faith Estimate that the buyer was provided are compared with the final numbers of the HUD-1(Your final closing statement).  If these numbers do not match up, or stay within  above criteria, the lender is held personally responsible for the difference in cost.  The lender is accountable for all fees not disclosed; therefore even if they underestimates the fees, the buyer won't be liable for that mistake.

 

 

The whole idea that people were shocked by a house being underwater has no face validity.  The idea that a **** came in underwater and was a shock is unbelievable.  I would be curious to see how many loans that closed had ****s that came back under the value of the refinance.  If a loan company can't forsee that, then I shouldn't be penalized by their 'hard to believe' mistake.  I invested a ton of work into responding to their endless requests for more signatures and changing insurance companies, figuring out what their underwriter meant by replacement value on insurance, repeated explanations and paperwork on bank deposits, etc, etc as well as missing an opportunity to close with another company before rates went back up.  So while I complied with my part of the GFE and in responding to everything, Emery did not keep their part and did it in the last 2.5  hours where I was left with the option of "paying up (i.e. 200% of the GFE closing costs) or losing the refinance." 

Regards,

****** *******

 

 

Business Response:

We are sorry Mr. ******* is not satisfied but believe that this LO did everything within the scope of his authority as a Broker to meet the requirements of the Lender and accommodate the Borrower. Mr. ******* has an incomplete understanding of the Loan Process when there is a “Change in Circumstance”,  as defined in RESPA,  and dictated by the Lender (*** ** *** ******). That “change” triggers the filing of the RESPA required C of C Notice and new GFE based on the Lender’s requirements. As the Broker, the Emery Loan Officer can only report what the Lender (* ** Bank) will allow, and in this instance, the Lender made changes as a condition to closing based on the Lender’s assessment of valuation and risk. The Lender, not Emery, required the change so, under the Regulation, the LO is required to report that change, and present a new GFE, which he did.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

7/8/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: applied for mortgage loan with emery federal credit on May 1 2013..was told we were locked in @3.25%apr. Four wks later we were told because the lady working our loan went on personal leave or quit (heard both from several supervisors)my loan was no longer at the stated rate and we would have to pay $1500.00 more in loan costs to continue with emery..A second option was to delay it another 30-45 days and go thru quicken loans..why should we have to pay for their employees personal problems. We have additional information including the names of the employee and his supervisors...Is this common with Emery ...

Desired Settlement: reinstate loan at agreed rate and written explanation why their employees problems became our cost ..

Business Response:

Mr. ******** was contacted by ****** **** (an Emery LO) for a refinance.  Mr. ******** was told by ****** **** that the rate was locked, when in fact it was not.  **** ********** was processing the file, and when her father passed away, her work was significantly affected by the emotional toll that it took on her.  We believe that Mr. ********’s file did not get the attention from her that it deserved because of this.  The responsibility however, lies with ****** ****, as he is the one accountable for not locking the loan and then telling the borrower it was locked. He then waited for the market to improve to the point that he could lock them in at the quoted price, which rate and terms were not available .  The Team  Manager verbally warned ****** **** about this file, and undertook a review of Mr. ***** files. Mr. **** resigned as soon as he became aware that he was on thin ice.

As far as being able to now honor the quoted price with this Lender, unfortunately, it was  impossible in this market. However,  Mr. ******** was given the opportunity to lock a rate at Quicken Mortgage (at a reduced commission to Emery) at the exact same terms as he was originally quoted.  He refused this option stating  he didn’t want to start the loan process over from the beginning.  He requested his documents be overnighted back to him, which the Team Manager  immediately did.  We would be happy to complete his loan at current market pricing, at no cost to him but given the changing market, unfortunately he missed  the opportunity to obtain the same rate as  offered him with Quicken Mortgage proposal.

We do not set rates, as a Broker, but only offer the best we can find at a given time, as quoted by our Lenders. We do have control over the Origination costs which would be stated on a new GFE.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

7/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I am being blown off my mortgage officer at Emery Federal Credit Union who has failed to live up to his promise to reimburse me for some minimal charges I incurred.

Desired Settlement: See above

Consumer Response:

The facts are simple.

 I was getting a little upset with **** *****, Emery Federal Credit Union mortgage officer that they kept calling **** for mortgage payoff.

**** charges $30 per payoff figure request. **** said not to worry as he would reimburse me after the loan closes & provide me with copy of appraisal.

Payoff was requested 3X resulting in $90  charge to me.

I've emailed **** ***** no less than 3 times requesting reimbursement that he promised & copy of the appraisal all to no avail.

**** *****

Consumer Response:

 

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

 

**** *****

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

BBB Comments: Customer notified BBB that the issue was resolved before the business responded to the Better Business Bureau

6/4/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I refinanced my mortgage through Emery FCU and was told early in the process that I would owe nothing out of pocket at the time of closing. 6 months later when all the documents were ready and I went to close, I was told I owed $657.27 to the title company. When I asked why I owed something when I was clearly told I would not, I was told it was because "the revised compensation laws lenders these days can't offer any credits which we used to be able to do. Otherwise we would have done so. In addition to that, USDA will not allow anything to be added to your existing principal balance. So the shortage occurred since we used all the pricing rebate to cover the closing costs and most of the new escrow account." And "The problem was that USDA unexpectedly was a month to sign off on the file and we had to extend the lock 3 times at a cost and then there was another months worth of tax and insurance that needed to be collected to avoid a shortage." This information should have been communicated through the loan process, so I could have been prepared and have the funds available to cover the costs, if I decided to continue with the process, and not on the scheduled day of closing.

Desired Settlement: I would like Emery FCU to stand by their loan officer's original statement and reimburse me the $657.27 I had to pay out of pocket unexpectedly.

Business Response:

The borrower was informed that we had to lock before submitting the file to USDA.  We locked him February 15th and sent in the “clear to close” and final conditions 2/15.  Chase came back with a few more conditions which were received from the borrower March 7th.  These were submitted to ***** and the file was sent to USDA on March 8th.  We did a lock extension on 3/15 (original lock expiration was 4/15)

By 4/12 the file was received back from USDA and we got ready to close.  The lock extensions are out of our hands when we are forced to lock a USDA loan before submission to USDA.  The loan officer wanted just a 30 day lock.  We tried  to close the borrower on the 18th but ***** had an issue with the way title was vested.. They finally rescheduled for the 20th and then right before closing the borrower’s wife left town so we could not close until 4/24.  We extended the lock for 7 days on the 15th, but that fell through due to the borrower’s wife leaving.  So, we had to extend another 7 days.

We are paid under the federal guidelines for “lender paid compensation”.  We are not allowed under any circumstance to credit the borrower, in any way, before, during or after funding.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I have reviewed all the emails sent to me by the loan officers and none reference having to lock before submitting to the USDA.  Regarding having to extend the lock because my wife left town. We were scheduled to close that day at 4 PM. At 5PM whe. We had not heard from the notary or the title company she did leave on a trip. It turned out our closing was scheduled before the documents were prepared and sent to the notary. She needed to leave and we had no idea when or even if closing would take place that night because no one contacted us.

Regards,

******* *******

 

 

Business Response:

It is apparent that the previous answer was not enitrely understood.  This should help: The “Lock” is required by, and, in order to fix a rate before submission to the USDA. From that point on, Emery, as the  Broker, has no control over the schedule set by the Lender (******, who actually prepares and sends out the documents. Nor, does Emery have control over the Title Company or Notary who informs when they have scheduled the closing. The Loan Officer passes that information to the Borrowers, based on the schedule given to him by *****. We understand that they want to take someone to task for what they believe are failings, but that complaint should be directed to the Lender and not the Broker. There is no advantage to Emery for any delay or any additional conditions imposed by the Lender’s closing schedule or lack of completion of the Lender’s imposed requirements.

 

Regards, ******

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

My complaint is very basic. I was told, and was only ever told, I would not need to bring any money to close. I was never told I might need money at closing, or that there would be a chance I would need to have money available at closing. Since I was lead to believe that I would not need to pay any thing at closing by Emery FCU, but did, in fact, have to pay over $650 at closing, Emery should be responsible. 

Emery FCU made a mistake by promising me zero out-of-pocket at closing. They were unable to keep that promise, whether it was there fault or not. 

Regards,

******* *******

 

 

Business Response:

Please note that the loan officer was quoting the borrower what the current rate and credit was at the time of  the initial disclosures (proposal per borrower’s email) were sent out.  The disclosures were dated 11/9/12 and all settlement charges were valid until 11/27/12 as notated on the initial GFE that we sent the borrower.  Mr. ******* didn’t sign his disclosures until 12/13/12 as evidenced by the attachment.  Please also note that the disclosures we sent Mr. ******* showed him bringing in $884 in which the loan officer replied to Mr. ******* in Mr. *******’s attached email  that the settlement charges are paid for by the lender and that he would not have to bring anything out of pocket, but the loan officer was referencing to the settlement charges and the credit that was available at the time the disclosures were sent to the borrower.  In the loan officer’s next sentence he said that he disclosed that this was a USDA streamline and we were not allowed to add any closing costs to his principal balance.  Since the GFE expired, the rate and credit were no longer available at the time of loan approval and lock.  The loan was not closed until 4/24 due to delays in receiving documents from the borrower and the turn times for ******** ***** Housing Department as evidenced in the first time line that we sent in our first email back to the BBB.

Also, Mr. ******* was given a copy of his settlement statement before he closed on 4/18/2013 showing he was bringing in $513.85. (See attached emails from ***** ******** to ***** *******)  But due to the borrower’s wife leaving town, the lock had to be extended and the final HUD showed he had to bring in $657.27. 

If the borrower had a problem with bringing funds to close he should have said something before closing.  The borrower legally had 3 days to change his mind which is the recission period.    He was not forced to close/sign his closing documents.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ******** and do not believe this matter will ever be resolved to my satisfaction. I, therefore, do not wish to pursue the matter anymore. 

Regards,

 

******* *******

 

 

 

BBB's Final Determination: Business offered a partial (less than 100%) settlement which the consumer accepted

5/30/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Started the refinance process with Emery in February 2013, after two months of processing our loan was approved and cleared to close. However, on the day of our scheduled closing we were told that Emery Federal Credit Union approved us for a loan that is unavailable in the state of ***** (where we reside). We felt like we were trapped into closing on a loan that we did not want since the appraisal and processing had been completed. The loan originator, ***** ****, was extremely helpful and reachable until our scheduled closing date arrived. When he noticed the mistake he stopped returning my calls and my emails. We did decide to close on a different loan product since we had no other choices. I feel like Emery should be help accountable for letting this process go to closing by mistake. We were also told there would be no closing fees and we they conveniently rolled in over 900.00 in fees. We are beyond frustrated and feel like we were treated unfairly.

Desired Settlement: At the very least I beleive that Emery should refund us the 900.00 worth of fees they rolled into our financed amount. They did not follow through with the product they offered and still had the nerve to charge us over a 9000.00 origination fee.

Business Response:

The ***** loan was approved and received clear to close as ****************************** ***** VA cash out loan by ***.  Once the LO was informed by *** that that they could not approve the receipt of cash at closing due to ***** law, the *****’s were offered an option to close on a streamline.  As you can see from the below email everything that they would be signing was fully disclosed.  Our origination charge cannot change due to our contract with the lender.  Emery had an $8,998.02 credit that paid for all pre-paids and closing costs with the exception of $970.  Homeowner’s insurance of $1,703.59 was paid on the HUD as well, and  $3,908.30  was deposited into their escrow account.  It’s unfortunate that *** led the LO to believe that ****************************** ** VA cash out was a possibility until the last minute, but I don’t think the LO could have been more clear with the streamline refinance that she agreed to move forward with. 

                                     E-MAIL REFERENCES---See below

From: ******* ***** ******************************
Sent: Friday, April 12, 2013 9:19 PM
To: **** *******
Subject: Re: Final HUD

Lets proceed with closing tomorrow at 10am tomorrow.

Thank you,

******* *****

###-###-####

Sent from my iPhone

On Apr 12, 2013, at 7:48 PM,

Hi ******* *

 

I have attached your final HUD for the settlement scheduled for tomorrow at 10am at your home.  Below in bullet point format I will go over each important line item referencing the specific page of the document so that you can follow along clearly.  Right now we have your loan amount $970 higher than your actual payoff to *** Mortgage.  Typically we would lower the loan amount so that your payoff is equal to your new loan amount thus indicating ****************************** true mortgage reset as we had planned.  This is still a possibility if you would like to push closing beyond tomorrow.  I know that the timeline for settlement tomorrow has been tight and we are absolutely willing to push settlement to change the loan amount if you direct me to do so.  As it stands now however, if you go through with settlement tomorrow, you loan amount will be $970 higher than you payoff.  Let me begin the bullet points regarding the HUD:

 

Page 1

 

·         Line 103 indicates the total charges of this refinance (this is due to a higher escrow collection than I had estimated and I will address this accordingly below)

·         Line 104 indicates your mortgage payoff to *** Mortgage

·         Line 202 indicates your new loan amount of $******* ($970 higher than your payoff)

·         Line 303 indicates that there is $0 due TO or FROM you the borrower at tomorrow’s settlement

 

Page 2

 

·         Line 803 indicates the lender credit towards covering your settlement costs

·         Line 1001 indicates the collection of property taxes and homeowners insurance escrow; you can expect to receive ****************************** refund from *** in an amount similar to the amount listed on line 1001

 

Page 3 – Under “Loan Terms”

 

·         30 year fixed ****************************** 3.75%

·         Your P&I payment is $********

·         Your total **** payment is $********

 

Moving forward:

 

·         Your first payment due to *** Financial is on 6/1/2013 in the amount of $******** (*** will send you paperwork within 15 days of settlement)

·         You will receive an escrow refund from *** within 30 days of your loan funding

 

If you decide that you would like to put off settlement so that our loan amount is exactly your loan payoff, then I understand 100%.  We can postpone settlement until your husband ***** *s able to sign.  Please let me know what you would like to do and we can move forward.  Thank you.

 

Sincerely,

** *******

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

We did agree to close on the streamline option because we felt like we had no other choice since we would be out of pocket the appraisal fee. We could have completed a streamline refinance with our existing mortgage company and received a lower rate and no out of pocket fees. If Emery would have been honest from the beginning and told us that our only option was a streamline refi we would have told them not to proceed with the appraisal and contacted our own bank.  We were sold a cash out product and proceeded with an appraisal knowing that Emery could follow through with their promises. I should not be penalized for the incompetence of a loan originator not knowing availability of Emery's loan products.

I regret making the initial phone call to Emery Federal Credit Union and fear that other people will have to go through the same nightmare I did. As soon as my loan originator knew that he could not follow through with the cash out option he stopped calling me and returning my emails. I had to call Emery's compliance department to reach his manager. I have wasted countless hours on this process and would like resolution.

 

Regards,

***** *****

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

5/16/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I received a solicitation with markings very similar to ** ********** official use mail. The attempt to masquerade as a governemnt agency is obvious. I have attached a scanned copy of the solicitation. I am concurrently pursuing a complaint with the US Postal inspector and the ******** ************** regarding their marketing practices. The text at the top of the first page, *** Notification of Eligibility" implies that they are the '******** Administration'.

Desired Settlement: Remove me from their mailing lists. Stop soliciting business from veterans using 'sleezy' marketing practices.

Business Response: 10/9/12****** ****


**** ***** **** **** ******* *** ********** ** *****

We are in receipt of your referred letter of complaint regarding a ** Loan Solicitation. Our investigation indicates that this particular advertisement was sent out via a mail service that used an envelope that had not been approved by Emery’s Compliance Department. It is never our intent to provide anything but factual information to our members, and to apprise them of programs that may be of benefit.

 Unfortunately, many services use this rather standard means of delivery, which if we were made aware of, would never have been approved for use in advertising  Government Programs. We have taken steps to correct this inadvertent use, which is outside our written policy guidelines. We apologize any inconvenience this has caused.


Respectfully,

*** ********

V.P.

Consumer Response: Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

  I am pursuing this matter with the ** and various offices within the state of ** with the ultimate goal of forfeiture of their license to legally conduct business within this state.  These state and federal offices may adjudicate against them.  If they are found guilty of a crime, it is my intent to enjoin with other victims and seek a class action judgement against their market misconduct.

Regards,

**** *****

 

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

I've asked several times that Emery Federal Credit Union cease contacting me. They continue to send mail and call me, against my wishes. As mortgage lenders, they are required to conduct themselves in an honorable manner. Sending written solicitations that are factually incorrect is in conflict with the standards of conduct for mortgage lenders and banking.
Desired Settlement
Cease Contact.
Desired Settlement: Stop Contacting Me

 

Regards,

**** *****

 

 

Business Response:

Mr .***** *

We apologize for any contact, information that you have gotten from us recently.  We had entered you onto our Do Not Contact list and even listed you again due to this most recent request.

In case you are not aware, there is a federal do not contact list that you can utlize as well if you are interested.

Respectfully submitted,

****** *******

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

 



  I reject their response as it is dishonest.  Since the original filing of the complaint, they have embarked upon a ‘campaign of harassment’ that is in my experience, without peer in their industry.  I have suffered a barrage of further mailings of their marketing ‘pornography’ and dozens of phone calls.  I am on the federal ‘Do Not Call’ list, but they appear to have taken my respectful appeal to cease their harassing tactics as the establishment of a business relationship – WRONG.  My telephonic communication has only been to respectfully request that they cease their campaign of harassment/contact and in no way to establish a business relationship.  Their actions are a direct violation of the Federal Telephone Consumer Protection Act and I have filed complaints with the Federal Communications Commission.

  This weekend I will file USPS Form 1500 with their advertising as I deem it to be pornographic.  The beauty of the USPS laws is that defining obscene is wholly left to the recipient to define: Wikipedia, “A prohibitory order against a specific mailer, although the language of the application form implies that explicit sexual content is the only basis for finding a mailpiece offensive, has been extended by case law to allow the recipient to declare any mailpiece obscene, for any reason whatsoever, with no requirement to state the reason(s) for taking offense.  The only absolute requirement is that it must be possible to construe the mailpiece as an offer to sell goods or services. Various rulings have upheld the Supreme Court decision that the postal customer's discretion is not subject to review.”

http://en.wikipedia.org/wiki/Prohibitory_Order

  Finally, their advertising is also blatantly dishonest as the last 4 marketing materials state (in ominous language) that it is the “SECOND NOTICE”.  There are standards of conduct within the banking industry and it will remain to be seen if they have executed a breach of trust with their dishonest solicitations.

 

Cc: **************************

******* ****** **** *******



Regards,

**** *****

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

2/28/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In August 2012, I attempted to refinance my home under the VA Stream Line and was told it would take 4 weeks. I submitted everything that they asked for payroll ie stub, W-2s, bank statements, credit card. For 3 months I was given the round around such as we have so many cases to process, they filed 3 credit reports on me, they said that I had to pay $452.00 for an appraisal that I didn't need and was told that value was not high enough. Finally I contacted a reportable company that refinance me in 4 weeks, no appraisal needed, no out pocket, no incvome or employment verification. I asked for a refund of $452.00 and was told I will get it back later. Later Emery said they would send me the appraisal in November and as of this date have not received anything.

Desired Settlement: I would like a refund due to the fact it was advertised that no appraisal is needed, not out pocket expense.

Business Response:

Below, is a summary from the Electronic Processing system we employ. We are indeed sorry He felt it necessary to file a complaint.  As you know, each Lender imposes conditions or “Overlays” for its loans, which criteria changes as time goes by. The LO in this instance, attempted to meet the Customer’s request and if the Customer feels that he was not properly serviced, we apologize and will pay him the cost of the Appraisal, although we cannot force the Appraiser to return those funds.

 

                                                    SUMMARY

 

We initially submitted this borrower into processing at 3.75% with credits to his closing cost.  He then informed us that he was shopping our rate around and was being offered 3.25%.  We then matched his rate and submitted him to another lender who required an appraisal.  He was initially fine with it, because we were matching the rate.  Once we received at CTC, he just stopped answering his phone.  2 weeks later we receive an email stating he would like to cancel his loan.  We then canceled his loan, emailed him to let him know, and haven’t heard from him since, which led us to believe that this case was closed.

 

 Thank you.

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ******** and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Sir/Madame:

I submit a rejection and request my refund of S452.00 for an appraisal that I did not need to have and never saw the appraisal survey as of this date. I have enclosed 11 email sheets of conversations with Emery and the pages 10 and 11 requesting my appraisal survey.

As 1 explained to Emery Credit Union they, requested documents that were not needed, the process started in latter August 2012. I sought out another company in November 2012 and dosed in December 2012.

Now, is that not enough to see that customer service with Emery Federal Credit Union is at level "1" meaning bad credit.

Regards,

******** ********

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

2/26/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On 27 December 2012 after requesting information for a ** ********** Refinance I received an email from Mr. ****** ******* at Emery Federal Credit Union stating that their current rate was 3.25% with no points or fees. The email had a link that stated to secure this rate today go fill out the online application which I did that day. On 28 December I went out of town for work and emailed Mr. ******* and let him know that I would not return until 8 January 2013 and at that time I would get himall the requested documentation that he needed for the loan. On 14 January after I gathered all the requested documents I sent them to him via email. He requested that I also send the note and my complete bank statements for 2 months which I also gathered and sent him on 17 January. On 24 January after numerous attempts by phone and email to find the status of the loan I sent Mr. ******* an email stating that I would take my business elsewhere if I had no response within 24 hours. Instantly I received an email stating that he would get me the Good Faith in Lending statement that day. As of yesterday I still have not received those documents and found out that my interest rate had never been locked in and that the new rate was 3.38. This is my 5th ** *loan so I know the process well and this is not how it works. Never did Mr. ******* answer his telephone one time. Everyday was another excuse as to the delay. I took my business elsewhere yesterday and had my rate locked in and a Good Faith in Lending statement within 2 hours. This is the senior loan officer at Emery. Three different phone numbers to include his cell phone and not one of them worked. Take your business elsewhere if you are reading this. They claim that they take care of Veterans, but that is a lie! In the time that I wasted with Mr. ******* the rates went from 3.25 to 3.38 which doesnt sound like much, but over a period of 30 years it is a whole lot.

Desired Settlement: An apology by telephone would be acceptable. I have already moved on and taken my business elsewhere where I got more completed in 2 hours than the month that I worked with Mr. ****** ******* at Emery. My rate was locked in instantly as is supposed to be and I received a Good Faith in Lending settlement statement.

Business Response:

The Loan Officer took the proper steps in regard to this Borrower.. No Credit Report was pulled until January 24th and no income was ascertained as Emery did not have the 5 items required under RESPA in order to start a formal Application. 

 

We also try to give potential Borrowers  a reading on our Lock Policy regarding its influence on pricing and  terms which allows us to offer the best available wholesale rates in the  marketplace.    

 

We apologize for any misunderstandings that may have happened during this process.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

2/13/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: For more than 4 months, I have been working with Emery Federal Credit Union to refinance the mortgages on two homes. The reason that I went with Emery Federal Credit Union is that they do HARP loans and the loan that I have on the ********** home is with ****** ***. One home is located in ********** **********, and is a rental property. The other home is my primary residence and is located in ********* ********.For the past few months, I have been told that the loans have been approved and is just waiting for a final OK from the investor. However, for the past two weeks, I have been unable to reach anyone to let me know what is the status on the refis. I've called numerous times and sent emails but I get no response.I have been very patient through the refinance process, However, I feel that this process has gone on for too long and that the brokers have been negligent with letting me know what is happening with the refis.

Desired Settlement: I wish that the brokers at Emery Federal Credit Union would contact me and let me know what is happening with the loans. However, if I do not hear from them within the next two weeks, I wish to file a complaint with the BBB.

Business Response:

Our electronic processing system reflects numerous communications with both the Borrower and the Lender (******** Mortgage Company). We do understand that the Borrowers were anxious to receive updates on their file but, unfortunately, the Lender was somewhat delinquent in responding to our Processor’s requests for updates.

 

Finally, ******** approved both Loans , one on 1/16 and the other on 1/17. Both were approved with conditions to be met, none of which seem to be an issue however the Loan will not close this month. ******** has agreed to expedite the closings as soon as the conditional items are received. The Loan Officer will/or already has  contacted the Borrowers.

 

We regret the delay, but we are subject to the same frustration when the Processor does not get timely responses from the Lender. Please remember, that with the due diligence standards imposed on Lenders under the new Federal guidelines, every loan comes under added scrutiny causing delays which, we understand, can only frustrate a Borrower.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

1/31/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Emery Federal Credit Union ***** ********* ###-###-####NMLS# ******To whom it may concern,I was contacted by ***** ********* in Feb 2012. He stated that he wanted to see if he could help me with lowering my interest rate and lower my mortgage payment. He heard from me from a gentleman I was working with to have the siding on my house done.I told him I wanted to use a credit union to keep our funds here in the states. He assured me that Emery is a credit union is backed by the government. He could help me get this done. I gave him all my information. I wanted to lower my interest rate and payment only no cash out. I let him know at the time I needed to pay my property taxes to **** ******* County. He told me dont worry about this it will be put into the refinancing. He called me In March he said I would need to have my home appraised to get this done. I paid him for the appraisal $450.00 dollars and after the appraisal went through I found out I didnt need one because I was not asking for a cash out refinancing. When I found out this news that I paid $450.00 for nothing I was upset.I told him once again I needed to pay my taxes by the end of the month and he told me dont worry about this once more just continue to pay my payment on time in the same amount $1188.00. I did what he instructed me to do. Never heard anything back from him and then I found out in June that I was being reported to the Credit Bauer for being late on my payments to ******* Mortgage Service.I spoke with him one last time to let him know what was going on and how listening to him and his lack of working on my refinancing has brought about me now at risk of losing my home. I contacted ******* and let them know that now they are reporting me to the Credit Bauer for escrow and by law they could not do that. I was reported for being late May 2012, June 2012, July 2012 and I believe Aug 2012. I was paying my payment on time but because I was not paying the difference do to listing to Mr. ********* ******* paid my property taxes and was charging me for this in escrow. I paid the $1188.00 each month on time and was not late. Now due to all of this my credit is ruined I no longer qualify for refinancing and my payment to ******* is $1660.00 a month. I was only trying to lower the interest on my home and my payment. I never escrowed my taxes nor my homeowners insurance before and now I have to due to the advice I have been given to a trusted employee of Emery Federal Credit Union Mr. ***** *********.

Desired Settlement: I want my refund for the estement I had to pay for that I didn't need due to me only wanting my interest rate lowered. I want my credit restored with the credit bureau. I feel I was misslead and taken advantage of and got nothing but trouble in return. Now I am the one left to clean up this mess caused by the advice Mr ********* gave me. I trusted in him to help with the refinancing of my home and got nothing but a higher payment in return. Bad credit.

Business Response:

ON investigation and review with the Loan Officer, He asserts that he would never have told a Borrower “not to pay taxes when due”. Taxes in ******** are due semi-annually in July and December. If the Lender “forced placed” the escrow , it would not be due to any action we, as a Broker, would have taken on the loan. If you require, we will recover the loan payoff state that was requested. Below is additional information from the LO:

 

The explanation for a failed refinance started back in February, 2012. Mrs. ******** ******** of *******, Md. was looking to better her mortgage with a lower interest rate and a lower payment and I was trying to get her present ****** *** mortgage into a DU REFI PLUS.

 

It was apparent that after a month or so she did not like the rate of 4.5%  which she said was too high and she wanted to do better than this. With her credit scores low at this point it became apparent that the only thing she could fit into was a FHA Mortgage where credit scores will accept 620 middle scores with other lenders.

 

I spoke to her about the appraisal where the house need to be in good shape for the FHA mortgage and she decided to go with the FHA Mortgage with the rates in the high 3’s. I expressed to her that as long as the value of the house was there and I did scan her house on Zillow.com and it was 220,000.00 at that time that even 200,000.00 would work fine.

 

The house did get appraised and came back at 165,000.00 and the appraiser has a dozen deficiencies needing repairs. Consequently the mortgage would  not go through until these repairs are done and signed off by the appraiser and underwriter. This is why the mortgage was never finished due to the repairs, and because of the low value.

           From: The  LO

 

I trust this will answer your inquiry.

Let me know if you need any additional information. Thank you.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

December 19, 2012
 
Dear ******,I am faxing you the email I received from ***** ********* dated April 10th 2012 stating he received the tax bill I sent him due in March 31, 2012, He knew the taxes were due in March and he did tell me not to pay this because it would go into the refinancing.****** as you can see from the email dated in April that we were locked in with a date for May 17th, 2012. My credit score when we started this process was at 73$ I do have the paperwork to support this and I do have a ****** *** and did not need an appraisal for the type of refinancing I was looking for. So he in fact ordered the appraisal that was a cost to me in the amount of $450.00I heard from him after he received the appraisal letting me know he did receive it and I had to make repairs to my property before we could move forward.I then started trying to figure out a way for me to try and mend the damage done with the Bank I am finance through.Sincerely******** ********###-###-####Fax: ###-###-####

 

Regards,

**** ********

 

From: R**** ********* **********************
To:********* ********* ******************

Sent: Tuesday, April 10, 2012 12:34 PM
Subject; Your Refinance




Sorry I
haven't emailed you for a while caught a bad cold but feeling better now, Your mortgage is locked till 05/17/2012 so we will close probable be the end of this month. Your payment will, be around 1350,00 a month which includes your property taxes and homeowners Insurance so you will not have to pay that anymore, Also I have you tax bill which will be paid with this refinance. I moved your rate to 4,25% because it gave a much better rebate of $2800.00 towards your closing, which kept the closing cost very low and kept your loan amount the same. My processor will order the appraisal soon and be will be calling for a schedule time. We only need207,000.00 for the appraisal so you should be fine. I will stay in touch and please email me back to let me know how you are doing, Thanks *****.

 

 

 

 

Business Response:

Below is the comment from the Loan Officer. Also note the attached (personal information deleted, but the full report is available). Contrary to her assertion, her 3 Credit Bureau score are ***, **** and ***, which averages about 623-624, not the 731 she alleges. Also attached is the County Tax information web-page reflecting due dates. While this Loan Officer believes he clearly communicated the difficulties and solutions to this Loan Applicant, it is always our position to do what we can for a member, including refunding an Appraisal Fee, even if not required to do so. We are sorry she is unhappy , with the service, but the Loan Officer can only deal with the facts as they exist at the time of the Application.  Please let us know about the refund of the appraisal fee.  Thank you.

 

She applied for  a HARP loan but was unhappy with the interest rate of 4.5%

She and ***** decided it would be a better rate if we changed it to FHA and she was told it would require an appraisal.

 

Her taxes were past due from December and apparently ******* paid them to stop the house from going to tax sale.

We told her we would include her taxes in escrow so she would not have to pay them in the future.

 

She would have had to pay any unpaid taxes at settlement, but the value did not support the refinance and the condition of the collateral made the property uninsurable by FHA

 

Her credit score was not 700+. I am including her report

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

BBB spoke to the customer and stated that she can prove her position, but does not want to keep this on going. If the business is willing refund her $450.00 for the appraisal, she will consider this issue resolved. 

Regards,

**** ********

 

Business Response:

Although the Loan Officer believes he did a professional and competent job, in the spirit of the assistance we hope our Members respect, and per our offer, we have directed the Accounting Office to pay to the Complainant the amount that had been paid to the Appraiser. Obviously we can’t demand the  Independent Appraiser refund his fee but we do understand that by the Loan Officer making this gesture, this satisfies the Complaint per the Complainant’s reply to our initial Response.

This reimbursement was submitted to be paid today, Jan. 25.

Consumer Response:


Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Customer contacted BBB and stated that she has received a check from the business and the issue is resolved. 

Regards,

**** ********

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

1/17/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We started a home refinance with Emery Federal in the beginning of May 2012. We were told we would close by the end of July 2012 so we decided to go with Emery Federal. It is the end of November 2012 and we still haven't closed on our home refinance loan. In August/September timeframe we stopped getting responses to our calls and emails so we contacted the bank directly (Emery is just the broker) and the bank told us they weren't even looking at our loan package until Oct 24 2012. Meanwhile, Emery was telling us (in writing via email) you will close by the end of this month, you will close by the end of next week, etcetera. They just keep asking for the same documents over and over. It has been 7 months now. If they had been honest about the timeline in the beginning we would have gone with the other bank who offered us the same rate. I do not believe it is the fault of the specific broker we were dealing with, but a much bigger problem of the credit union policies of trying to broker more loans then they have the staff to deal with. The latest advice from Emery was to not make payment on our current mortgage so that they wouldn't have to collect the final payment information again. We waited to file this complaint, but I believe it is necessary to protect other consumers.

Desired Settlement: At this point, we want to make sure other consumers are aware of the dishonest and/or negligent practices of this credit union. Resolution for us is to close on our refinance before the end of November.

Business Response:

December 3, 2012

 

To Whom It May Concern,

 

The allegation that they were told that the loan would close by the end of July is not accurate. It is, however, about to close.

 

The Loan Officer asserts that Borrowers were told that this loan was a new program issued by the government and could take several months to close as the turnaround times were 90 to 120 days. LO asserts, that Borrowers were told that Emery could not lock the loan unless the loan was approved by **. Borrowers were also told to continue to make their payment until they were informed that they were cleared to close. The Loan Officer regularly responded by email and phone call, until recently, when the borrowers contacted the lender *** directly. Borrowers received Disclosures sent to them by the lender, ***, that had all of the *** contact numbers and email addresses on it. Further, since that time, they have also been calling and talking to ***** *********, Emery processor, on a weekly basis and getting updates from her.  They began calling her, presumably due to the fact I could not furnish the answer that they wanted to hear, namely a firm closing date, as the file was still with *** and *** had not yet cleared the Loan for Closing and set a date.

 

Attached is the Conversation Log which indicates that the Loan Officer and the Processor has been quite diligent in handling this loan and communicating with the Borrower. Unfortunately, Lenders are extending the time it takes to both Underwrite and close Loans. It is a continuing problem that has become worse with the advent of the new programs like HARP 2.0.

 

There is no question of staff volume as each LO and Processor is not assigned more files than can be reasonably handled per month. The LO is at the mercy of the speed that a loan is underwritten and, because of the requirements of **********, the LO attempts to send loans to the Lender with the best current published rate and terms. That Policy, sometimes leads to bottlenecks at the Lender level as all Originators are required to follow the same Policy. Where possible we try to inform Borrowers and re-direct loans to another Lender who may be more responsive but also have less attractive rate and terms. That is not always possible due to processing issues that arise. Obviously there is no advantage in time or money, to anyone, to delay a closing but Emery attempt to move the process as quickly as the Lender will allow.

 

Sincerely,

 

****** ** *******

Vice President Branch Operations

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

We began a refinance at the very beginning of May 2012 and we are now in the 8th month still waiting and we have no idea when we will be able to close.  We were told 90 days, which is several months.  The complaint is not resolved because we have not closed and have not been given a closing date.

Regards,

***** ***** ********

 

Business Response:

We are aware that the desired result is a closed loan but as the Broker, we are able to do no more than the Lender allows.  As to the effort—please note that we have 17 pages of communication, listed in the ********* Conversation Log. At a certain point, the alternative is to go to another Lender and start the process over, but in this case the Processor was given continued assurances by the Lender’s Underwriter that a closing date was imminent.

 

Initially, the Loan Officer recommends the Lender that he believes, based on past performance, will close a loan at the best rate, terms, and turn time. Sometimes the events do not follow the intent. There is no advantage to anyone, and most assuredly not to the Loan Officer, to delay a closing as he is not paid until there is a close. He commits not only his time , but that of a Processor and his Manager. At this point, with the indicated Stipulations, met, and the rate locked, the Underwriter is again projecting a close, shortly.

Thank you.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Emory's response is that we should have known it would take 8 months and if we were unhappy with the 8 month wait that we should take our business elsewhere.  We were told approximately 60 days to close 8 months ago and multiple times throughout the process we were told we would close any day or within the next  week.  We signed closing paperwork tonight.  We were told last week that our closing costs would be $3600.  Tonight, 30 minutes before closing, we were told $5800.  There were many mistakes on the paperwork, including my name.


Regards,

***** ***** ********

 

Business Response:

I would like to apologize to Mr. ******** for any inconvenience and frustrations he has had through this lending process.

The loan was closed last Friday and the savings on the payment is a sizable amount.  In addressing your concerns - since you were originally slated to close in December the cost did go up to cover the interest on the loan. Additionally, we apologize for the mis-spelling on the name.  We did have you sign an AKA form to cover all versions of your name, but I understand wanting the proper name on your documents and there is no excuse for the error.

I hope you are enjoying your new home.

Consumer Response:

** ******* ****** ** ******** **** ***** ********* **** ********** ** *** ********** *********  ** *** ***** *** *** ****** ** ****** ******* ****

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

***** ***** ********

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

1/15/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Working with this company has been a nightmare. Future customers be warned. I was approved for a refinance on my FHA mortgage on June 18th and didn't close this "streamline" refinance until Nov. 13th. I received a number of good faith estimates, however we can consider the most recent one as the only one that matters. In that GFE (dated Nov 5th), my out of pocket expenses (settlement charges) were $1300.22. This number was considerably higher than all previous GFE's I'd received, but I really just wanted to be done with these people and accepted it. Closing was scheduled for Nov 13th at 8pm. At 6:54pm on Nov. 13th, my adviser called to go over the HUD-1 settlement statement and to my horror, my settlement charges had gone up to a staggering $3000 and I found this out an hour before the notary was scheduled to come. I saw red and told him I was done working with such an unprofessional company and I would be withdrawing my mortgage application with them (a threat I had made several times already). He more or less convinced me to go through with the closing because I would be getting back $2500 from my old mortgage and so it really wasn't costing me much money in the end. I requested this to be summarized in an email from him (included in this complaint) and went through with the closing. The documents at closing were a mess - our power of attorney's name was spelled incorrectly, the location of the closing was consistently wrong and the notary did not receive the documents until almost 8pm. To make matters even worse, there was a form within the documents that stated I was married to my mother! - the notary said I had to sign it. I have now received my refund from the previous mortgage and it was in the amount of $1608. I believe that my loan officer said whatever he felt he needed to say to get me to sign the papers on closing. This company has wasted so much of my time and now I'm out an additional $1K because they just wanted to rush me to closing.

Desired Settlement: No one at this company has accepted any fault for the way this mortgage was (poorly) handled. The new loan adviser blamed the old adviser for any problems and then blamed ***********, ***** and the title company when he could no longer place blame on her. His over-all negligent attitude was responsible for all the problems at closing. He persuaded me to go through with closing based on what now seem to be fake numbers and Emery should be held liable for the difference!

Business Response:

Below is the response from the Loan Officer involved. Unfortunately, recently, all loans (especially those having a governmental component) seem to be taking an inordinate amount of time and explanation to close. Quite often, the Lender has initiated many of the problems to which the Loan officer, as a Broker, can only react as the demands are made. Clearly is never our intention to do other than a professional and expedient job of representation, but more and more, if the facts of a loan stray even a little bit from the norm, the consequences seem magnified. Hopefully this explanation will help, if not totally satisfy the Borrower. Note we have a 7 page Conversation Log as well taken from our Encompass system if needed.

 

I sincerely apologized to this borrower about the way that the closing happened though I can assure you, there was no changing in the figures that we had from start to finish. The borrower actually received a better interest rate than when initially placed the loan into processing, we approved her at 3.95, but closed the loan at 3.75 with the same lender credit to the borrower.

 

The problems that we ran into was, when we got to the closing table, the borrower had made their payment for the month of November without informing us, however we had a payoff statement from the month of October which didn’t reflect that the payment had been made. The borrower should have been refunded partially the amount of that payment, plus the amount that was in her escrow account with ***** ***** which she needed to bring to table for FHA streamline. This is what caused the amount of cash she was bringing to close to go up. We could have gotten an updated payoff statement, but the loan would have needed to go back into underwriting and the borrower was adamant about getting the loan closed ASAP. We offered to do this even post closing and she elected not to.

 

Regarding the POA form, the borrower was first advised that they could do a dual closing but we thought that they needed different times, not different states. This would have required doc’s to be backdated which is of course not legal, so I had the co-borrower obtain a POA. I don’t know where the communication was lost with the spelling of the name at title for the Attorney in Fact but again, I apologized as it is my responsibility to make sure these types of things are done correctly.

 

I wish that I had more control over the amount of the refund that the borrower received from ***** ***** for their escrow account and other items, but as the borrower stated, we had told her that her total settlement charges would be $1300.22. She paid $3000 and received a refund for her payment in the amount of $1608.

Thank you.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

There is nothing that can be done about the unprofessional manner in which this refinance was handled. However, the numbers are black and white. Irrelevant is the fact that they gave me a new lower interest rate - the old one I was locked into had expired and national rates dropped, it wasn't out of kindness. I made my mortgage payment for the month of November which was due on the 1st and we didn't close until the 13th - who wouldn't make that payment? My complaint was that this loan officer (in writing) said I would be refunded $2500 when in-fact I was refunded $1608. I believe in a retail setting this tactic would be considered bait & switch, as I was assured that my out of pocket expenses (advertised price) were much lower than they in fact were by the sum of $892 - that is my complaint.

Regards,

******* ********

 

Business Response:

complaint ID 9******

 

Here is the additional response on this claim:

 

We are indeed sorry that the Borrower does not believe our earlier Response addressed the issues. However, the Borrower is suggesting that somehow Emery or the LO benefited in any way from the action taken by ***** ***** (their previous Lender) regarding the refund. Emery acted as a Broker in this transaction and can do no more than, in good faith, place a Loan for a Borrower. We have no control over their past Lender’s (***** *****) computation of a refund, from  a ***** ****o Escrow or charges by them, nor can we dictate to the new Lender a deviation of loan terms set by them. Unfortunately , in this mortgage climate, everyone is experiencing extended closing schedules and shifting terms. I would suggest if the borrower feels the refund amount was too low, it is a matter to be taken up with ***** ****o as they controlled these particular funds.

 

Please let me know what else I can help with.  Thank you,

 

****** ** ******* ** ****** ********** ***** * ************ ****** * ************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

1/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We (my husband and I) applied to refinance a loan through Emery Federal Credit Union. This began last April (2012)so, seven months ago. Repeatedly we were asked to provide documents that we had already provided and would not hear back about the status of our application in a timely manner. When prompted, they told us we should expect to close in a couple of weeks and then not hear from our senior loan officer for weeks. Then again someone from Emery would ask us to submit paper work about our finances and charge us multiple times to run credit checks. We totally got the run-around with this company and would like to have our house refinanced in a timely and professional manner.

Desired Settlement: We would like to close on our refinance within a month.

Business Response:

 It seems that the issue (as usual ) is with a Lender who has not moved as quickly as advertised. I believe this well on its way to a resolution. We will independently review our relationship with this Lender because of the delays. Keep in mind, that we are charged with offering the Applicant the best rate and terms in the market, which, depending on performance can lead to long delays as the better the rate the more business is attracted. Where we can, we will offer an alternative that might not be quite as attractive but the Borrower may wish to pursue it because of closing time schedules.

From the loan officer:

Currently I am working with the borrower to get her loan closed, she seems happy and has been cooperative in getting me what we need. The only issue I see is the simple fact that the loan is with AFR, who we have been having lots of issues with lately (there internal process is horrible to deal with). Her loan is already approved which is why we decided to keep it with AFR and not switch lenders.

I spoke with this borrower via email over the weekend… **** also tried to call her about two weeks ago and never received a call back. According to her email she would still like to do the refinance. The main issue on the loan is it is with AFR who we have been having major issues with over the last 8 months. We have a few loans with them still that seem to never move along in the process. I have spoke with the rep on many occasions about getting the loans finished up.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

1/9/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Emery Federal Credit Union, didn't provide refinancing of home as planned. I started process at the end of October 2012, They said, loan should be approved by end of November 2012, I would skip the next two mortgage payments November and December 2012. I decided to pay my November payment just to be sure, before the loan is approved. Just as I expected loan was not approved yet, loan was still in Underwriting. (EFCU) said, expect the loan to be approved by the end of November. So I called again... and again... They never call.... Where is the customer service I asked, by the way, what the status of my loan, still in Underwriting..... something to do with hurricane *****.... causing delays. Again, I paid my mortgage. I told (EFCU) the broker, just to let you know your service is no longer required at this time. I would have understood if my credit was bad and credit scores low, but I have A++ credit with high credit scores. I think EFCU is untrustworthy loan company, and I would recommend no one doing business with them.

Desired Settlement: Please destroy all confidental information I gave them, ASAP.

Business Response:

Attached is the Convo Log which indicates that on November 19, the LO contacted this Borrower and informed that the Loan was in Underwriting with the Lender. In this market, Lender delay is becoming more the usual issue, than any specific problem created by the LO. Apparently there has been insufficient follow up to satisfy this Borrower, for which we apologize. We do not like these extended time periods any more than does the Borrower but unfortunately, along with the advent of newly authorized loan programs, comes delay by the Lender, who are somewhat overrun, especially in their Underwriting Departments. We have requested the appropriate Manager contact the Borrower and offer to continue with the loan or give our apology if continuation is not requested.

 

Consumer Response:


Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

**** ******

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/26/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On September 6, we were contacted by ******* ****** of Emery Federal Credit Union concerning an inquiry for refinancing our mortgage. We were sent an application through e-mail and gave our info to Mr ******* ****** to run a credit check. We were told six days later we met the criteria for a successful FHA cash out refinance. On October 3rd, we we're told to wait about a week for a underwriter response. On October 15th, an appraisal was conducted for $480. On October 24, we were told we should close by the end of the month, by November 15th for sure, and was recommended to not make our November house payment. We were asked repeatedly for items on several occasions and he always needed more. We complied by sending them to him the same day. Finally after two and a half months we were told that the loan would be closing. Then we were told on November 9th that they needed verbal confirmation of our employment. I don't know why they didn't do that originally. On November 12th, we were told that we would closing by November 12th. Then November 14th we were told they needed official documentation of our credit card payoffs. Again, not sure why this wasn't requested earlier. I sent statements promptly that day, which I was told was satisfactory. On November 12th, our homeowners insurance was changed to a new mortgagee, but we did not close yet! I have since repeatedly sent emails to Mr. ****** and Emery Federal Credit Union with no response. This has harmed my credit score due to this loan not closing to pay off certain credit. This is the worst customer service that I have ever seen in my life. They do not return phone calls or e-mails in a timely manner and are very unprofessional. Most lenders tell me that they can close in 30 days or less, not 3 months.

Desired Settlement: Please close this transaction promptly or let us know that it's not happening. Thanks.

Business Response: The loan is clear and should have closed on Monday. The borrower has stated that they would remove the complaint upon settlementEmployment verifications are always done immediately prior to settlement to ensure their validity.Because this was a cash-out debt consolidation loan, the lender required debts that were being paid off to be closed if the debt caused the loan to not qualify.The net result of closing accounts with balances could impact credit scores, but since things report and change monthly, as soon as the debts are paid, the scores should correct themselves.Thank you.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/14/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I applied to refinance my home in******** ** with Emery Federal Credit Union around July of this year. Since I was pre approved, I was asked to pay for an appraisal upfront. The cost being $525. I paid this. After about a month I sent emails to the mortgage originator asking about the status of my loan. Half the time my emails would go unanswered. Finally, I received the following email from him:---------------------------------------------------------------------------Due to the change of Mortgage Originators all docs and applications are null and void. The new Mortgage Originator **** will take responsibility to carry the loan out to the closing status.I have to surrender my position as your mortgage originator due to the recent hurricane. I apologize and leave you in my best interest to ****.Most of or all email have been erased and or deleted due to damages of the storm. **** the appraisal for Mr. ***** is still active which will be found in our appraisal site. Thank you, for any questions please contact me back at this email.**** ********###-###-####---------------------------------------------------------------------------I have tried calling and have emailed this new mortgage originator named **** numerous times; however, I have not received a single response. I'm really frustrated and feel that I'm being stringed along since I paid $525 for an appraisal and nobody is responding to my numerous messages asking about the status of my loan application.

Desired Settlement: I paid the $525 appraisal fee in good faith since it was my understanding that I was approved for a refinance loan. Since it seems like they have no intention of getting back to me or processing my loan, I feel that I am entitled to a refund of the appraisal fee.

Business Response:

In response to Mr. S****’s complaint, **** ******, loan officer for Emery Federal Credit Union, spoke with Mr. S**** in regards to financing his second home in Arizona. From what we can tell, this conversation took place on September 4, 2012. There is no indication that a completed mortgage application was ever executed by Mr. S****, nor were loan disclosures ever prepared and sent to Mr. S****. **** ****** removed his files from the Emery  office, and refused to respond to attempted correspondence with him. He was suspended, and before his termination was approved, he resigned his position. We received emails from **** ****** telling us that “this guy’s trying to get a loan”, and attaching limited documents. Shortly thereafter, we learned that Mr. S**** has filed a complaint.

 

We would be happy to do what it takes to help Mr. S**** refinance his home. Unfortunately, his initial loan officer contact could not handle any part of the refinance request properly. We have reached out twice to Mr. S**** via email, as there is no phone number associated with his file. If he wishes to have his appraisal refunded, we will do so. The appraisal should never have been ordered, as there is no loan application, or disclosures to speak of. Attached is the limited documentation we have, including a Statement of Denial, signed by Mr. S****.

***** ********* an Emery Manager,  will speak with Mr. S**** if he still wishes to refinance his home. Considering there is nothing in encompass, including a completed 1003, we will basically be starting the loan from the beginning. We are awaiting his response to our emails.Thank you.

Consumer Response:

 

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me.  I will accept a refund of the appraisal fee that I paid and consider this issue resolved.  

 

Regards,

 

 

******* *****

 

 

 

 

BBB's Final Determination: Business offered a partial (less than 100%) settlement which the consumer accepted

11/29/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I decided to refinance my home for a lower interest rate and contacted Emery after I received an offer in the mail. ****** ***** was the Loan officer who was working with our loan. In July 2012, he emailed me a few documents to fill out and we provided the documentation he requested. He assured us we will close in August. He suggested that I not pay my mortgage in Aug and that I will not need to pay Sept mortgage because my first new mortgage payment will be due on October 1,2012. I did otherwise and paid my mortgage. I went on vacation in August and when I arrived, he requested that I resubmit my paperwork and give him new pay stubs. He indicated that the appraiser would call me soon. It's now Nov, and he has assured me each month I would close and nothing yet. I understand that loans can take time to be reviewed, especially recently since the rates have lowered tremendously. However, I strongly feel that Mr ***** has been neglectful with our paperwork and unresponsive. I want an update on my loan immediately! I have provided Emery with confiential information and hate to feel like I waisted my time. I want a manager to contact me with an update. I want to be able to recommend Emery to others, not to discuss what a horrible experience I had with Emery Federal Credit Union.

Desired Settlement: I want an update immediately. I want to close and move on.

Business Response:

The complainant was caught in the problems created by "Hurricane Sandy" in *** ******.

 

She wishes to withdraw her complaint and continue with the loan process.

 

Only today was she able to provide the credit file and income data necessary to continue her loan documentation. The issue was driven by the inability of the parties to communicate due to the storm. She was informed by the Better Business Bureau that she could not retract her complaint and  that Emery would have to respond as we are now doing.

 

Thank you.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/28/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I contacted an independent agent about refinancing my home several months ago. He passed my information on to Emery Federal. Since then, I have received endless AUTOMATED calls from them, despite my repeated requests to be removed from their calling list. Despite my numerous requests to be removed from their calling lists (and their acknowledgement that I would no longer be contacted), I continue to be called. They even started calling my wife and mother, this needs to stop!

Desired Settlement: I would like Emery Federal Credit Union to never call me again or my family again, and to have some quality assurance in place to ensure my number is removed from ANY AND ALL calling lists, present or future.

Business Response:

Emery FCU was informed that, at our request, he was put on the Company DNC list by the Calling Service, and that he should not be receiving any further calls. This is a service that makes calls to ascertain interest in mortgage financing and should not be sending multiple messages. We apologize for any inconvenience caused by these interruptions. We have further instructed the local supervisor to review the method and manner by which he sources leads to avoid this type of problem in the future"

Respectfully

*** ********

V.P. Mortgage Division

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

BBB contacted the customer and the customer stated that he has not received additional calls and the issue is resolved.

Regards,

 

**** ******

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

11/2/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: At the end of May 2012, we were contacted by ***** ******** of Emery Federal Credit Union concerning an inquiry for refinancing our mortgage. We were sent an application through e-mail and gave our info to Mr ******** to run a credit check. We were first quoted one rate after the credit check and then several days later told that there was a problem and the rate would be a little higher although we were approved for this loan. Although not happy about it we told him to proceed with everything. We were asked repeatedly for items on several occasions and he always needed more. We complied by sending them to him. Finally after several months we were told that the loan would be closing. This was in August 2012. Next we were told that was a backlog in the underwriting and we should make the August payment and we would be able to close in early September. After waiting until October 12th I contacted Mr ******** and today October 23rd, I finally got a response saying that there was a serious credit issue and the loan was denied. He said to call him so we could discuss the matter.....all I got was his voice mail for about the 10th time. This is the worst customer service that I have ever seen in my life. They do not return phone calls or e-mails in a timely manner and are very unprofessional. Most lenders tell me that they can close in 30 days or less, not 5 or 6 months

Desired Settlement: We would like for this to be resolved and stop the runaround we are getting. I don't have the time to go through all this process again though I will if I need to.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

 I have been in touch with Emery Federal Credit Union and have some resolution to my complaint

 

*******.

 

 

I had blamed them for poor service and found that it was the lender, not Emery FCU that was the problem. Please withdraw my complaint.

 

Thank you,

***** ********

 

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

BBB Comments: Prior to BBB receiving the business response, consumer confirms the matter has been resolved

10/22/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My husband and I decided to refinance our home. We were contacted by mail first and then by numerous phone calls from Emery Federal Credit Union (****** *******) at all hours and many times a week until we agreed to fill out an application. We did so and mailed the application and all related documents requested from ****** *******. He then began calling for more documentation and at one point my husband and I said "no more, you are either going to process the loan or not". We finally had an appraiser show up and do an appraisal (for which she has NOT been paid to date). After the appraisal was done we contacted ****** many times with no response. He finally e-mailed my husband at work and asked him to call him. My hsuband called him many times and to date we have not had a return call. I called him and asked him to take at least 5 minutes to make a phone call to us and expressed my disappointment in him and his services. This has been going on since August. To date we have not heard from ****** ******* or anyone at Emery Federal Credit Union.

Desired Settlement: I would like a phone call from ****** ******* explaining why he has neglected to contact us and I would like all of our original documentation returned. I do not feel comfortable with Israel or his organization having any of our personal information at this point.

Business Response: Cincinnati Better Business Bureau****** ****


10/9/12

************** **** *** *********** ******* ** *****

Please accept my apologies pertaining to the inconvenience that Ms. ******* has experienced.  Emery's Operations Manager **** ***** has contacted Ms. ******* and together they have reviewed the loan process.  The loan was with United Wholesale and Emery encountered many difficulties with the lender. Emery has questioned the lender on the issues and have had limited replies.  Emery will confirm with the appraiser that the bill has been paid.  Emery takes customer service very serious and will respond to the loan officer that handled Ms. *******'s file accordingly.

Respectfully,

*** ********
V.P.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/10/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We used one of your *** ********* agents for a loan. We met over a year ago to discuss our goal to purchase a home. During this meeting we disussed all the things we needed to do to be pre-approved for the following year(2012). We stated that we paid cash and some checks for our rent. Your Loan officer told us we would be fine as long as we had receipts.We found our home, paid for all our apprasials and inspections. He called us and let us know that we could not be approved because of the cash receipts!We called other lenders and they told us that we needed to have cancelled checks, and that every lender agent knows this.So we wasted $1,200.00 and can not purchase for another 8 months. Why do you have people working for you that do not know this???I would not recommend your company to anyone after this expierence. My wife and feel very deceived!

Desired Settlement: I want my money back for my inspections and appraisals!!

Business Response: 9/28/2012

 

To:           ****** ****Subject:  ***** ********                
 
* ********* ***                 ******** ** ***** 

Ms. ****,

 

The chosen lender has fallen behind which causes Emery to miss anticipated commitment dates.  Unfortunately the lender **** has fallen behind in closings, this loan has taken a longer time than anticipated---everything has been submitted and there is a well-documented conversation log attesting to ***tact with the Borrower. We understand their frustration, as we are frustrated also, but we are the Broker, not the Lender, and once everything is placed with the Underwriter, there are little to do but to wait. There is little purpose to continually calling the Borrower and saying “not yet”, as we wish it to close as much as they do, although there has been continuing calls.  Emery is doing everything possible to meet the satisfaction of the potential member.  The Operations Manager has contacted the borrower and is proceeding with the loan for a closing.  If the said loan does not meet the standards of a qualifying loan program, the appraisals amounts will be reimbursed.  Emery certainly apologizes for any in inconveniences this process may have caused.

 

Respectfully,

 

 

*** ********

V.P.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/2/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I have never in my life been so disappointed with a company or business that Ive felt compelled to contact BBB until today. As a professional military officer, I began working with **** ***** on a VA streamline refinance in mid-June 2012 and submitted the required loan documents 21 June 2012. Although Mr. ****** customer service and expertise is commendable, there is something broken with the process in which Emery handles its loans. As of today (1 week shy of 3 months), Ive yet to receive a closing date. After numerous emails, voicemails, phone calls (I even spoke to the manager Mr. ***** ********* the second week in August), the answers remain the same, Its with processing, Weve done all we can do, & We should hear something soon. My credit is more than worthy, and my paperwork was submitted with military precision. I understand that this type of unique loan may be in high-demand and create backlogs, but Ive spoken to other reputable lenders to include **** and ******** ******* Credit Union, and they are delivering similar results, on average with the same product type, in under 8 weeks. I recommend that those who receive marketing information from Emery run away fast or risk the same level of frustration that has driven me to formally register a complaint for the first time ever. This company is far from competent although its employees are very kind and empathetic, but I have ZERO, ZILCH confidence in their loan processes to include senior management. You will likely experience unexplainable delays, so ADVANCE AT YOUR OWN RISK!

Desired Settlement: I would like a firm closing date within 10 days. In the meantime, I plan to begin the refinance process elsewhere, with another bank in the event this issue is not resolved. I apologize for taking your time, but I feel that consumers need to be informed. Thanks in advance for your efforts.Respectfully,****** ******

Business Response: September 13, 2012

 

Ms. ****** ****
Marketplace Resource ConsultantCincinnati Better Business Bureau7 West 7th Street, Ste. 1600Cincinnati, OH 45202

 

Re:      #******* ****** ******* ****** ********* 

Dear Ms. ****:

 

We have investigated the above captioned Complaint and note the following issues and remedies:

 

In the first instance, and, as you know, there is no advantage for Emery to NOT close a loan as quickly as possible.  Under **********, our LO’s are required to place loans at the best rate and terms available in the market place, that meet a Borrower’s criteria.

 

In this instance, the Loan application was sent to a Lender (***** *********) that has stretched its reported closing time from 45 days to months.

 

To further exacerbate the situation, we are required as a pre-condition, to obtain a signed “Mortgagee Clause” from the Borrower’s Insurance Company.  Mr. ****** stopped that process (now corrected) which added several weeks to the closing process.

 

We have since contacted Mr. ****** and explained the delays.

 

Emery prides itself on customer service, and, in fact, this Borrower has commended our Loan Officer for his service.  We do regret that there was a lull in communication as our LO waited for actions to be completed by others, outside our control.

 

It is unfortunate that it has taken so long but the truth is that as Lender’s receive more and more applications, the turn-around time begins to slip, no matter the lender.

 

I hope this addresses Mr. ******’ issues.

 

Feel free to contact Emery if you have any additional questions.

 

Very truly yours,

 

****** ********Executive Vice PresidentMortgage Division

Consumer Response: Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID ******** and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

To the first point of the executive vice president that reponded to my complaint: The fact that "LO's are required to place loans at the best rate and terms available in the market place" is non-sequiturial.  I am complaining neither about the rate nor the terms, and the rates have fluctuated marginally in the last few months.

Secondly, Mr. ******** states that the Lender, ***** *********, "stretched its reported closing time from 45 days to months," but no one extended the courtesy of notifying me that it would take months.  It was always, "it should be soon" or "call us back in a couple of weeks."

Also, Mr, ******** claims that I was the cause of further exacerbating the delay by interfering with my insurance company's mortgagee clause.  This is completely false.  Although I did request that ******** change to revert to the original mortgagee, within 2 1/2 hours I called back to cancel.  My insurance company stated that no change had actually taken place, and their computers would not have updated until the following day.  So, this pretext is totally bologna.  I am stating facts whereas Emery's executives are spinning to save face. 

My complaint stems from the length of time that its taken to close.  Despite it being a third party issue, there's been a lack of full disclosure.  I'll reiterate that the my loan officer has remained professional and courteous, it is Emery's processes and senior level managment that seemingly abandoned a top customer service tenet - a commitment to keeping its clients happy.

Until Emery changes its processes, and apolgoizes for leading me on for months without full disclosure, this will remain the WORST experience I've ever had.  Emery is well deserving of a negative BBB rating.  I doubt that mine is an isolated case and expect more complaints to be filed with BBB within the coming months.

Regards,

 

 ****** ******

 

 

Business Response: September 26, 2012

 

Ms. ****** ****
Marketplace Resource ConsultantCincinnati Better Business Bureau7 West 7th Street, Ste. 1600Cincinnati, OH 45202

 

Re:      #******* 

Dear Ms. ****:

 

 ***** *********has fallen behind in closings, this loan has taken a longer time than anticipated---everything has been submitted and there is a well-documented conversation log attesting to contact with the Borrower. We understand his frustration, as we are frustrated also, but we are the Broker, not the Lender, and once everything is placed with the Underwriter, there is little to do but to wait . There is little purpose to continually calling the Borrower and saying “not yet”, as we wish it to close as much as he does, although there has been continuing calls, some of which have gone on answered by the Borrower.

 

Mr. ****** was contacted by our Operations Manager and now understands the situation and will wait for completion of the Loan. He will withdraw has complaint and , per his instruction are responding to the Bureau as he directed.

 

Feel free to contact Emery if you have any additional questions.

 

Very truly yours,

 

****** ********Executive Vice PresidentMortgage Division

Consumer Response: Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Mr. ****** ******** needs to care less about saving face and more about his client's frustrating situation.  Instead of issuing a formal apology, he defends inaccuracies "well documented conversation log attesting to contact with the Borrower" - Calls were't made until last week explaining to me the complete process, which, had I know, I would have jumped ship 2 months ago, seriously.  Also, "Continuing calls, some of which have gone unanswered by the borrower" is a blatant lie.  I have returned all calls or responded to email.  I am in the military and work long hours, yet I've made time to return all calls save one, that was last week.  At this point, Emery can salvage it's deplorable reputation by apologizing, simply that!

I can help...here's a start.

"Mr. ****** has been contacted by our client services representative.  We regret the lenghty time that it's taken to close the loan with Mr. ******.  It's been equally frustrating for us as an organization.  Unfortunately, we could have done a better job at communicating the process with Mr. ******, thus affording him an opportunity to choose a different lender.  We are deeply sorry to have disatisfied customers, and we are working digilently to remedy Mr. ******' situation.  Our apologies go out to him as we continue to pursue a quick close."

I just want a formal apology without excuses.  At this point, that is the only meaningful thing that Emery Federal Credit Union can do, and it coincides with the only thing seemingly within their control as well as ability to manage.

Regards,

**

 

 

 

 

 

 

 

BBB's Final Determination: BBB determined that while the business addressed the complaint issues, the complanant was dissatisfied and the matter was outside the BBB Rules of Arbitration.

9/14/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: This company was working with me to secure a refinancing home loan under the HARP program. I was approved for a loan in April 2012. I am unable to get any information on the present status of my loan because none of my calls to my loan officer are returned. It appears this company has decided to ignore me. I don't know why.

Desired Settlement: I would like to know the status of my loan. If I have been refused a loan, I would like to know so I can explore other options.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Thank you for responding to my letter. Emery Federal Union contacted me and has satisfied all my concerns regarding my account. I would like to remove my complaint. Thankyou for your assistance.Regards,

 

***** ******* ***

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

BBB Comments: Prior to BBB receiving the business response, consumer confirms the matter has been resolved. Although the business did not respond directly to BBB, the business did contact the customer and address the issues.

9/14/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Because of the lack of experience and gross negligence on the part of Emery Federal and it's representatives, my loan was not closed under the terms advertized. I was locked into a 4.25% interest rate paying 1/2 point on May 15, 2012, when we were conditionally approved. The appraisal was ordered on May 16th and came in at a 65% LTV. On June 25th, I was informed that my rate had been lowered to 3.95% and that the lock-in time frame of 45 days started anew. After numerous discussions and reassurance that our loan would close soon, on August 7th I was asked to call the underwriter to answer pre-closing questions. During this call, I learned that my rate was not 3.95% as advertised but 4.1%. When I contacted my loan officer, I was told that there was some error and that it would be looked into. Half an hour later, my loan officer called to tell me that the underwriter imposed a fee of .20%. He then tried to convince me that 4.1% is still less than the original 4.25% and insinuated I should be pleased. He said, "it's only $80 more a month". When I asked if Emery Federal was willing to pay this difference, I was offered the $80/month credit for the first year with the option to refinance, at no cost, a year later. I agreed to this only to receive a second call of panic from my loan officer asking if I was aware of the requirement to have my father attend the closing to sign off on the title. My father was out of the country tending to a sick relative. If I had known of this requirement in advance, I would have arranged for a power of attorney. Since a notarized letter would not suffice for the title company, we had no choice but to not proceed with the loan. When trying to resolve this directly with the loan officer and the processing quality control manager, it became clear to me that the whole truth was not being divulged. I requested a full investigation of my file to no avail.

Desired Settlement: I am requesting reimbursement for the appraisal because of the unreasonable delays in closing this loan and the lack of open and honest disclosure.

Business Response:

7890 East Kemper Road,  Cincinnati, Ohio 45249   Phone:   513.469.9333

 

August 22, 2012

 

Cincinnati Better Business Bureau7 West 7th Street, Suite 1600Cincinnati, OH 45202

 

RE:     ***** ****** *********           ******** Here is the summary of events relative to her complaint. Unfortunately it is a complicated matter, that we believe the Loan Officer handled with great dedication and effort beyond what the usual loan requires. The problems which occurred were not of the Loan Officers making or within his authority to override the Lender’s Underwriter. The Loan Officer states:

 

I have attached two emails most recent to ***** ****** there are others in the log. The two below are the most important, I believe.

 

I had a several conversations with her and was very detailed and pushed and had everyone jumping over hoops to get this file to move forward. When she applied for the loan there was no indication that ****** ****** nor the Processor was aware of the way her current loan was being held. During this lengthy process when ** bank had reviewed the tax returns they noticed a letter from the **** ** ******** **** ********** thanking her for letting them use her home for fire training. When this came up ****** asked Mrs. ****** what was this about and that is when the conversation came up that she had rebuilt the home as it was uninhabitable per the letter. During this time as well there were some title issues that came up and ****** and **** addressed these with her that there was her father on title and also names were incorrectly spelt and that 2 deeds needed to be drawn up and those were going to be a cost. Mrs. ****** wanted the father removed from title, she was aware of this needing to be done. Well as the challenges kept coming up time kept passing and ** bank was requesting more and more documentation which made it very difficult to get her file clear to close. We had issue with ** **** wanting a CO certificate the county said they do not issue one and all permits were satisfied we provided numbers so ** **** can confirm etc…

Well then due to the fact that she was stating it was a remodel and not a rebuild brought up the question on the NOTE and then she provided a I/O arm that she had but also had attachments with a Construction Agreement, which I can provide or is also in the e-folder. ** **** after reviewing this wanted to see the disbursement schedule that is when Mrs. ****** said I have done many refinances and never been asked for the Note and made a comment that maybe they did it without her knowing. Well I asked her have you ever built a home before and she said no and that is when I said to her that in most cases lenders look at the final disbursement date and they will give the property value per the contract. We had received an appraisal that came in over a million and brought the LTV down to where she was able to get the pricing she was quoted originally and then again after her lock expired. After bring **** ****** into the picture midstream through this lengthy process he had been fighting for this file on his end and even brought it to the Vice President of ** **** to try to get this file through the system. After many concessions and favors that were out of the scope of the guidelines ** **** agreed to on the last day when everything was to expire grant the current value given on the appraisal (not common as they wait 1 year from last disbursement made to contractor to give current value) ** **** was going to go with it but wanted to make sure since they were losing on the loan already the .20 hit was due to it was actually in ** ****s eyes per the Note and Construction addendum still a Construction loan and had not actually converted to perm. She was adamit that her loan was already converted which was not the case.

I explained to Mrs. ****** the challenges we were faced with and that they got her file CTC. When I had her call pre-closing so we could expedite the closing to make it they informed her that her new rate was 4.10. I was not aware so I called **** and that is when he explained to me that they will do it but they had to add .20 to the current rate that was locked. She flipped out and I told her it was still better than the initial back in April of 4.25 I told her that to get this closed I would make up for the difference from the old rate to the new rate imposed for the 1 year and we will refinance her in 1 year with no fees, she was Ok and agreed to this concession. She made a comment to me that you know who I work with right? I said yes I do I have many friends that work for the *** as well. She told me that she will be researching this issue as this all seems like we were basically forcing her to make a decision that she felt uncomfortable with. I told her time was of the essence and we needed to make a decision fast and get her to call scheduling and if she did this it would stop the fact of everything expiring and get the rate for a few more days. She also told me that she was leaving for vacation on Friday morning for over a week and I told her than we need to hurry and get you into scheduling.Then I mentioned to her that your father will be at the signing she said NO why? I told her he need to sign the documents to take him off title. Not through any of my communication with her in the past several weeks did she explain to me that her father was out of town nor she was leaving town. She told me that she had done many refinances so I found it strange that her father was on title. When she told me that her father was in *******l dealing with a sick family member. I had her speak to ****** ***** in regards to our current challenge with her father and we told her we could e-mail the documents to him and he can print them and get them Notarized at the ** embassy and she said it was in ****** and it was 3 hours away. She was very stern that that is not going to happen! I got her in touch with ****** ***** and she wanted ***** to take a verbal over the phone as authorization, ***** would not honor her request as it is not legal.She wanted us all to wait until she thought about it and when her father was to return but she never gave me a date but she was leaving on Friday. I contacted **** ******* and the Vice president told **** if she does not take it now than they would not honor the loan as they were making so many concessions and exceptions that they would kill the loan and she would have to wait 1 year from last disbursement date. She told me that she wanted a reimbursement of her appraisal fee that was the least we could do and I told her that is not common practice as laws and disclosures are in place and she did receive a copy of her appraisal per our disclosures.

 

So that is what went down and she getting a AWESOME deal only being charge .50 to do this loan and she would not work with us with her father’s situation and she wanted time to think about it.

 Let me know if you need anything else.

******* *****:

Okay here is where the confusion is, I hope that I can explain this where it makes sense to you. So what they have asked for and what has been provided there are some holes in the scenario that have to be filled in so the picture of what has transpired is clear to underwriter and to new lender.

 

1.      You had told ****** that this was not a Construction to Perm loan and that verbiage may be accurate. But after them reviewing your Note that you had provided (see attached) There is a new loan agreement for the interest and new loan amount of 900,000. Also attached is a Construction Agreement which is also signed and date March 9, 2011. In that agreement it states that there will be disbursements done through ******** Bank as they were on the Construction Agreement as the lender. These funds were going to be draw disbursements on the 1st and the 15th of each month. With that being said it does not state “WHO” those would be made out to, the lender is requesting a pay-out schedule to see WHO they were made to and also when the last disbursement was made (DATE)?. ********* Bank should have provided this for you or able to provide to you )2.      No where do we have who rebuilt the house and also if it was a rebuild or a remodel? They are asking for this but it will show on the disbursement form3.      The HUD that you provided is also dated March 9th 2011 and that shows that ******** bank had paid off ******** ********* Company $421,782.95 for an existing loan which the new loan agreement/Construction agreement paid it off with the new loan of $900,000. (see attached) there had to be $472,818.50 in additional draws taken later need to see this.4.      We also looking for the final HUD of that shows the Final disbursement of money to complete your remodel. ******** Bank should have one if not they would have a copy of ALL the disbursements of monies and who they were made out for payment. We need this, as it seems to be the missing item that ties in all of the answers that are in question. I realize that this may not be your first refinance but the way your situation went down with you having ******** Bank do your new loan/Construction agreement and paying off existing loan. As they may have made it appear that you did not have a construction loan (per say) but an agreement you might have been with the understanding that it was just a loan and there was nothing left for you to do as they seemed to be the disburser on your payments for any work done to your home to contractor.

 

I can feel your pain as I see yours and ******’s frustrations with the process. I just have to get the underwriter this evidence to suffice the pending loan conditions on your Clear to Close.

 

I do realize that you have a huge concern about closing this by month end but I’m working hard on trying to get it to close early as possible.

 

Please call me with any questions if this is not clear Sincerely

 

******* ******* ******

 

I wanted to  send you this email regarding your message you left for me. Stating that due to circumstances with your father being out of the country and unable to get the necessary documents notarized at the ** ******* to take him off of title, to get your loan to fund was not an option. It saddens me that this outcome was not a successful one after all the hoops that we all jumped through. Your request to me was that you felt that you should be entitled to a refund for your appraisal since you will have to go elsewhere to obtain a loan. Our company policy is that you sign disclosures and one of them was for an appraisal and are entitled to a copy of it. An appraisal was sent to you for your records and is yours to keep. If a loan does not go through to the system and is funded this appraisal fee is not refundable. I want to be sensitive to your request and realize your frustration with the loan process that you went through, we went through every aspect to get your loan through the system.

 I’m have cc’d our processing Manager **** ********* for review

 Hope you have a great vacation J

 ******* *******

  We also attach the complete Conversation Log from our electric system supporting the Loan Officers efforts in this matter.

 

Please feel free to contact Emery if you have any further questions.

 

 

Very truly yours,

 

 

 

****** ***************** Vice PresidentMortgage Division

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I state, emphatically and without reservation, that the representatives of Emery Federal have withheld pertinent information regarding my claim AND have fabricated portions of their "recollections" in their response.  Disclosures were made upfront, directly to ****** ******, from the beginning of my loan application which began in January of 2012.

"When she applied for the loan there was no indication that****** ****** nor the Processor was aware of the way her current loan was being held."
On January 26th the following email excerpt was sent to ****** ****** - "
We currently have a Construction to Perm loan that will be converting at the end of the month to an adjustable rate mortgage."  This disclosure was also reiterated over the phone on February 21st and again via email on June 19th.

"During this lengthy process when US bank had reviewed the tax returns they noticed a letter from the City of ******** **** Department thanking her for letting them use her home for fire training. When this came up ****** asked Mrs. ****** what was this about and that is when the conversation came up that she had rebuilt the home as it was uninhabitable per the letter."
The question of the Fire Department didn't come up until June 7th, and as you can see from my response above, ****** had been told on 2 separate occasions of the conversion of our Construction to Perm loan.

"During this time as well there were some title issues that came up and ****** and **** addressed these with her that there was her father on title and also names were incorrectly spelt and that 2 deeds needed to be drawn up and those were going to be a cost. Mrs. ****** wanted the father removed from title, she was aware of this needing to be done."
I did not "want" my father removed from the title but was told that he needed to be removed from the title because he wasn't on the loan.  I was aware, and agreed to the $500 fee as well as the (2) separate $23 recording fees to be imposed.  It was never disclosed to me that my father would need to be at closing.

NOTE:  On June 14th, ****** ****** sent me an email stating - "
Your loan has gone into FINAL Review for Closing"

"** **** after reviewing this wanted to see the disbursement schedule that is when Mrs. ****** said I have done many refinances and never been asked for the Note and made a comment that maybe they did it without her knowing. Well I asked her have you ever built a home before and she said no and that is when I said to her that in most cases lenders look at the final disbursement date and they will give the property value per the contract.
"
My comment regarding my real estate experience was made on July 30th in a voice mail message left for******* *******.  A request for the draw schedule was made to ****** ********, of ** Commerce, on July 31st and denied on August 1st.  The comment regarding the property value per the contract was not made until August 7th, after ******* insinuated I should be happy with the new rate of 4.1% because of the many "concessions" that were being made to get my loan to close.

"She was adamit that her loan was already converted which was not the case."
Per ** Commerce Bank, my Construction to Perm loan converted to a traditional ARM on February 14, 2012.

"She flipped out ..."
Nice choice of words here.  Professional.

"She made a comment to me that you know who I work with right? I said yes I do I have many friends that work for the *** as well. She told me that she will be researching this issue as this all seems like we were basically forcing her to make a decision that she felt uncomfortable with."

When told that the .20% fee ONLY equaled an increase $80/month, I asked if ** **** could provide an internal policy documenting the fact that this is standard practice because I felt I was being taken advantage of.  Waiting until the very last minute, hours before the rate expiring, to impose such a fee is unethical.  ******* wasn't even aware of this fee and also expressed his distaste.  My comment regarding my employer was only made because there had been an earlier misunderstanding about who I worked for and since ** **** said they didn't have a written policy stating that "all construction loans are charged a .20% fee", I stated to ******* that I learned to be quite resourceful.  In no way was my comment made to intimidate ******* or take advantage.  ******* never stated that he had many friends that work for the *** as well though he may have thought it.

"Then I mentioned to her that your father will be at the signing she said NO why? I told her he need to sign the documents to take him off title. Not through any of my communication with her in the past several weeks did she explain to me that her father was out of town nor she was leaving town. She told me that she had done many refinances so I found it strange that her father was on title."
When we finally reached an agreement and I accepted the terms of 30 years @ 4.1%, paying half a point with a year credit (for the $80/mth) and the option to refinance in 1 year at no cost, ******* began to schedule the closing.  A few minutes later, ******* calls me in with a panic in his voice asking me if I am aware my father needs to be at the closing.  No one had ever mentioned this to me previously, which I explained to *******, and stated that we would have to put the closing off until mid/end month, when my father was scheduled to return.  I explained that my father was out of the country visiting an ill relative.  On a call with ****** on July 19th, I requested an update on the status of my loan and expressed my desire to close before the end of the month.  I stated that we had vacation plans for the month of August.  Again on the 25th I inquired to the status of closing and once more on the 30th; this is when ******* first became involved.

"I had her speak to ****** ***** in regards to our current challenge with her father and we told her we could e-mail the documents to him and he can print them and get them Notarized at the ** ******* and she said it was in ****** and it was 3 hours away. She was very stern that that is not going to happen! I got her in touch with ****** ***** and she wanted ***** to take a verbal over the phone as authorization, ***** would not honor her request as it is not legal."
After all the "hoops" everyone jumped through, I'm surprised an accommodation wouldn't be made here.  My father was in ******** tending to the needs of an elderly, ill relative.  He was in a town 3 hours away from the nearest ** Consulate.  I explained to ******* that if I had known of this requirement, I would have arranged for a Power of Attorney, but that I simply could not ask my father to drive 3 hours (one way) to have something notarized in ****** knowing the intention of his trip was to help the family in need.  I did speak with ****** who told me that there was nothing she could do.  I asked if my father could provide a verbal, send an email or have the documents notarized locally in the town he was in and the response was a resounding no.  Absolutely no empathy was given in this case.  The responsibility to notify me of this requirement initially should have come from ****** on June 19th when the question of the title first surfaced.

"She wanted us all to wait until she thought about it and when her father was to return but she never gave me a date but she was leaving on Friday."
I had already agreed to the terms, was leaving on August 10th for vacation, and expected my father to return the week of the 20th.  I did not ask everyone to wait until I thought about it.

"So that is what went down and she getting a AWESOME deal only being charge .50 to do this loan and she would not work with us with her father’s situation and she wanted time to think about it."

I did nothing but cooperate throughout the entire process.  I was patient and understanding; complied with each and every request.  "She would not work with us with her father's situation ...." is simply false.  My hands were tied because the title company would not offer any viable solutions to our dilemma.  Again, if I had known of this requirement earlier, all this could have been averted. 

*******'s email address to "****** received a response from me:

On Aug 9, 2012, at 5:38 PM, ***** ****** wrote:

*******,

 

As I stated in my August 1st email, the reason I am requesting reimbursement for the appraisal is because of the unreasonable delays in closing this loan (excerpt below) and the lack of open and honest disclosure.

 

"Thanks for the update, *******.  My thought right now is that, if what ****** is able to provide is not sufficient, we will have to go with another lender.  In doing so, I will request reimbursement for the appraisal sighting the unreasonable delays in getting our loan approved.  We officially began this process on May 15, when we were conditionally approved and the appraisal was ordered on May 16th.  I was told that we would close within 30 days but locked in to our rate for 45 days.  I know that the rates changed and we were then approved to lock in at a lower rate, which I am grateful, and that restarted our clock."   

 

I then asked you when our locked-in rate of 3.95% expired and was told, "We have until the 6th to fund your loan but I can tell you that the rates are still the same as of today, so that is good news.".  Yet, when I called ** **** to answer the pre-close questions, I'm told that my rate is 4.1%.  Then you proceeded to tell me that this new rate included a 0.2% fee that is imposed to all Construction-to-Perm loans.  This had never been disclosed to me nor did it seem that you, yourself, were aware of this "fee".  Though I continue to state I have a conventional 7-year ARM, which is also supported by ** Commerce Bank, I was told that this fee was imposed based on the bank note details.  I do not believe that requesting a copy of the bank note is standard practice and still plan to research this further.

 

I agree that a lot of time and effort has been spent trying to close this loan and I'd like to remind you that I have been more than patient; please remember the delays were not on my part.  This process was started in May and I was told that the loan processing with Emery takes 30 - 45 days on average.  Anything that was asked of me was provided in an efficient, sensitive manner.

 

We finally thought everything was in order when you called me with a panic in your voice asking if I was aware that my father had to be present at closing to sign off the title.  When I responded "No!", you instructed me to call the title representative.  After being told that we had no options aside from my father traveling 3+ hours to ******, ******** to have a letter notarized by the ** ********* (and ONLY the ** *********), our loan was officially dead in the water.  If there was a way you could extend the closing until my father could return (later this month), I would agree.  If you remember, my goal has always been to close at the end of the month to avoid compounded interest fees; but you told me that we had to close within 7 days.

 

I feel I am entitled to the reimbursement of my appraisal fee due to the gross negligence of Emery Federal and its representatives.  I respectfully request a full review of my application and reconsideration.


Thank you,

*****


An internal investigation of Emery Federal's business practices may be necessary in order to understand the magnitude of the negligence that has occurred in this case.
 

Regards,

 ***********

 

 

 

Business Response:




It is obvious that both you and the Loan Officer feel strongly about the events that transpired. From The Loan Officer’s standpoint, there is no advantage in time or money, in not closing a loan  on the best terms and as quickly as possible. From your perspective, he “dropped the ball”. Obviously this Loan involved complications, not usually encountered.

 

It is always our intention  to provide the best service we can to our members, as they are the “owners” of  the Credit Union.

 

Accordingly, we will direct our Operations Manager to accommodate your demand for a refund of the Appraisal . We are sorry you believe this was mishandled as we strive for our Loan Officers to do  the best they can, no matter the complications, which is why we provide a “HelpDesk” in cases where a Borrower feels that a loan is not progressing as intended. You will hear shortly from the Operations Manager, and again, our apology for a less than smooth closing experience.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me.  I was never made aware of a "help desk", as Emery Federal states, otherwise maybe these issues could have been resolved much sooner.  My appraisal fee has been refunded, and the Quality Manager seemed determined to address my points and perform a thorough investigation of my file to address training needs.

 

Regards,

 

 

***** ******

 

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

9/4/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We applied for a refinance of our home mortgage in June 2012. A loan officer, Mr. **** ******, contacted us and stated (also in e-mails) that we are approved at 3.5% over 30 years. We signed and dated the Good Faith estimate and sent it back in to Mr. ******. Mr. ****** received the paper work and e-mailed me that we are all set and said don't make our July payment to our mortgage company as we will close soon and our first payment due on September 1, 2012. After that e-mail Mr. ****** was very hard to get a hold of, didn't return e-mails or calls from us asking when we would close. On August 22 we received a new Good Faith Estimate that stated 3.75%? We have NOT sent this paper work back to Mr. ******. We believe this is a clasic "bait and switch" sitution. Mr. ****** told us not to pay our mortgage then switched the terms. We have NEVER been late on a mortgage payment, NEVER! This is effecting our credit now and we still haven't closed? Mr. ****** works for Emery Federal Credit Union, **** **** ****** ***** *********** ** *****.

Desired Settlement: we would like to close asap, at 3.5% as we were told in writing. If not we want our credit restored and Mr. ****** to personally pay our mortgage payment that we missed.

Business Response: August 28, 2012

 

Ms. ****** ****Marketplace Resource ConsultantCincinnati Better Business Bureau7 West 7th Street, Ste. 1600Cincinnati, OH 45202

 

Re:      ******* ******** Complaint

 

Dear Ms. ****:

 

With regard to the above captioned Complaint, Mr. ********’s loan was submitted in July, 2012. The Lender is ******* ********, and unfortunately, their “turn times” have extended to a minimum of 45 days, and often, more than that.

 

The Loan Officer   is working to get his loan closed as fast as the Lender approval process will allow.  There is no advantage in time or money to do otherwise, and under Federal Law we are required to offer the best available rate we can.

 

Both the **’s Supervisor and the Operations Manager have spoken with him and explained that ******* ********** Underwriting Department has not yet cleared the file for closing.  Apparently he believed he could skip his August payment, and when informed he could not, became upset.  WE have also shared with him, all of the E-mail and contact information which we are required to be kept on our system.  They are available if requested.

 

We have been able to structure a different rate so he does not have to bring an additional payment to closing, to accommodate his request.  Obviously, keeping payments current on his existing mortgage  is necessary until the new loan is funded. At this point, the closing date is in the hands of ******* and, if he believes the time to be excessive, he is free to go elsewhere .

 

Please contact Emery if you have any additional questions.Very truly yours,

 

****** ********

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me.

 

I put in a complaint two days ago against Emery Federal Credit Union. I would like to with draw the complaint. I spoke to a manager at Emery and I believe things have been straightened out, thank you

******* ********** **** ************* ** *****Regards,

 

******* ********

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

8/24/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: First of all I was contacted by Emery  and was put in touch with a**** ******** and he was going to help me with **** refi loan on my property.I had 30 days late and a 60days late on my mortgaage over a year ago and at first to me and I quote "no problem" thats what this program is for and because of the 60 days late I needed to apply in the 2nd week of August.To make sure I was over the year time period.Well I call up two weeks later and the lying *** told me I was wrong ,it was two years!!!! With a snotty attitude to boot.He is a lier and totally misrepresented everything he said!!! I wouldnt do business with him or Emery FCU if it was o%.I cant get over how he boldly lied to me!!!! Im sure it wouldnt of gone down that way in person!!!!!!!!!You should be ashamed of doing that to people who are trying to make things right.

Desired Settlement: I want a full apology from everyone involved .You should fire him!!!

Business Response:

**** **** ****** ***** *********** **** ***** ****** ************

 

 

August 22, 2012

 

Ms. ****** ****Marketplace Resource ConsultantCincinnati Better Business Bureau7 West 7th Street, Ste. 1600Cincinnati, OH 45202

 

Re:      ******* ******* ********* 

Dear Ms. ****:

 

Here is a summary of events relative to Mr. *******’s complaint.  The Loan office states:

 

Mr. ******* was difficult to get in touch with from the outset. When I made contact with him at work, he didn’t want to talk for more than a minute, and would only give his email address in order for me to send him my/Emery’s credentials. He also told me that he could not talk at work. Since I did not have a home or cell number at that time, all I could do was have him contact me at his convenience, as I certainly didn’t want to cause trouble for him at work. Mr. ******* contacted me. After speaking to him for awhile, he gave me permission to pull his credit. I explained to him that his middle score was ***, which was close to the threshold for Emery. We discussed his mortgage history at length, and he stated that he had no 60 day late payments at all, despite what the credit report said. I told him to get a 24 month mortgage history from ***** *****. He stated that he would. This was 6-21-2012. I never received anything via fax or email. Weeks later, Mr. ******* contacted me again in the evening. At first, I think he was under the impression that I was a different person with a different company, but I handled him with kid gloves and straightened out the identity mix-up and told him (gently) again that I needed a 24 month mortgage history from ***** *****. He promised that “this time, I’ll get it for sure! Thanks so much, ***** it’s great to work with someone who cares!” This email was sent 06-22-2012.]

 

On 08-03, I received a fax that contained the mortgage history for Mr. *******. While going through it, and finding the 60 day late from 08-2011, Mr. ******* called me. As I explained to him, his last 60 day late was 08-2011, as the mortgage history in the credit report clearly indicates. During a conversation with someone else he was apparently told that 30-day late payments were irrelevant to ****. I corrected this misconception, and explained the **** guidelines, and explained the ramifications of 60 day late payments as opposed to 30 day late payments. I volunteered credit counseling of my own volition and on my own time, which offer he enthusiastically accepted. This was the last conversation that I had with Mr. *******, and we parted on good terms, wishing each other well! I told him that with my assistance and some diligence on his part, we could get the ball rolling in September 2012. This assertion that I was rude to him at any time is patently false. I felt genuine sympathy for the man and his situation, and at no time was there any negativity on either his part or mine.

 


When I called him at his “home” number, I got the records office for a prison.  I was under the impression that Mr. ******* was a long-term project loan so corrections would occur to qualify him for a loan while I was working with him to close his loan.

 

In conclusion, I was polite, professional, friendly, and honest with Mr. *******. At no point did I deceive him, nor did I ever promise him anything at all. I volunteered to help him straighten up his credit on my own time, and I answered my phone every single time that he has ever called me. My phone records will prove that, if necessary. If I had to venture a guess, judging from the complaint that he wrote, there may have been confusion from the loan officers from another company. My heart goes out to the guy and his family.**** ************ OfficerEmery regrets that the Mr. ******* felt deceived.  Emery has guidelines to follow per the **** loan product that are mandated by Federal Law and lenders that are closing the specified products.  The loan officers must be registered through the National Registration system and the employee would have violated a federal law if he was representing another mortgage company.  Feel free to contact Emery if you have any additional questions.

 

Very truly yours,

 

****** ********Executive Vice PresidentMortgage Division

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID*******, and find that this resolution is barely satisfactory to me. 

 

Regards,

 

 

******* *******

 

 

 

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

6/28/2012 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I received a letter addressed to ****** *********, *** *** *** ** *************** ** ********** as follows: "IMPORTANT INTEREST RATE NOTIFICATIONDear ****** *********, Your home loan for your property at *** *** *** W has been identified and we have determined new programs are currently available. It is important that you contact us toll-free ###-###-#### soon after receiving this notice. Under the specifications of this program your $370,000 mortgage would have a new monthly payment of..." ****** ********* does NOT own the property at this address and I am concerned about why they have his name attached to MY mortgate. I would appreciate you investigating this and replying to me via e-mail.Sincerely,******* ** *******

Desired Settlement: see above

Business Response: Ms. *******,


We contacted the Marketing Company (****** *********) that provides contacts derived from public sources, like banks, credit companies, Recorder’s Offices, etc. Although they try to be sure of their data, mistakes may occur, either in their system, or because of faulty data they received. In any instance where an error is reported, they have assured us they will purge the name and address from their mailing list on Notice to them. We have instructed them to do so in your case and have further requested they check the source to see if they can ascertain if this is in their system or from a name list they purchased.

 

In any event, we apologize for any inconvenience that you may have encountered as a result of their error.


Respectfully,


*** ********

V.P. 

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

6/19/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I called and asked if I could put 15% down payment on a 2nd home. They checked an responded yes, I then received a preapproval letter. When I was ready to make an offer I called an spoke to ***** ********* who said he was a manager, I confirmed with him what I was quoted before and he confirmed it so I made an offer on the home and sent in my earnest money. I then called ***** ********* back a couple of weeks later to see if he had ordered the appraisal based on my real estate contract, and he said they couldn't do a 15% down payment and the best they could do was 25% down. I told him I had already received a pre qualification letter and I confirmed it with him a second time before I made my offer. He was unapologetic and the phone call ended.

Desired Settlement: Speak to a higher ranking official.

Business Response:

Better Business Bureau

Cincinnati

 

RE: *******

 

We spoke with ***** ******* on June 1st.

 

Mr. ******* has noted that he had spoken to ********* ****** about a proposed second home purchase with 15% down.  She wrote him a pre-approval letter (see attached) and he started to look for homes.   Our Standard Letter does not speak to percentage of Loan to Value but only to possible Loan Amount, subject to qualification.  We, As a Broker, do not set the Lenders Loan Terms.

 

When he found a home, he called ********* and learned that she had been terminated by Emery FCU.  He was then referred to ***** ********* who took over the file.

 

***** looked at *********’s pre-approval letter and correctly noted that we could only do a 20% down loan, and asked Mr. ******* if he still wanted to complete the purchase.  Mr. ****** replied that he had called other banks and that he could get a 20% down loan elsewhere, so ***** didn’t think Mr. ******* wanted a follow-up call.

 

Once we were aware of his concern, we followed up with the consumer and showed him that Emery does care about his financing, even if it was not with Emery Federal Credit Union.

 

We have apologized on behalf of everyone at Emery and will help Mr. ******* look for a solution for his purchase goal.  We will continue to stay in touch with Mr. ******* regarding his loan.  The National Sales Manager (*** *******) will contact Mr. *******.

 

Very truly yours,

 

*** ********

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

6/1/2012 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I am registered on the****** ********* *********** Do Not Mail list for over seven years and I have instructed the four major credit reporting agencies not to sell, share or release my information to mortgage, loan, or credit companies. How many times do I have to report these companies to the BBB?

Desired Settlement: Prompt ***** ******* ****** Union to remit a letter confirming that they have removed me from their database and will not share, sell or release my information to any third parties.

Business Response:


The contact was through **** ******** ***** which sent it under an exception to the offering rules covering Direct Mail offers for Credit or Insurance offers, and which is not included in the Do not Call list provided by government---he may opt out but may still receive other solicitations from other companies who operate under a number of exceptions which allow direct mail advertising.

Registration does not guarantee that direct mail not will be sent under an exception—we can instruct this Mailing Company to remove your name but it may reappear on another Company’s list--- the ****** ********* *********** is not a governmental agency so removal is essentially a voluntary act by them, and companies intending to inform of a product under one of the innumerable exceptions may still contact you, even as we request that your name be removed from the reference list used by the Mailing Company which sent this offer to you. You may no longer hear from us but do not be surprised if the *** Request you sent in, is not all inclusive. Also, you should be aware that the *** you sent in, is only good for 5 years (under the rules) and if you allowed reception of, for instance certain bank or insurance information, the category covered by the *** may be voided.


Respectfully,


*** ********

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

5/29/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I've contacted Emery FCU through ********** for a quote for a mortgage refinance. ***** ******** replied confirming the quote and outlined the conditions in original e-mail:"Debt to income needs to be at 40% or below. These loans require 10% asset reserves,of which half must be in liquid assets and remainder can be retirement funds."I've asked to confirm loan to value ratio, and he replied:"You can go up to 80% loan to value."These terms fit my situation and I've applies for the loan. ***** verified the application and submitted to a wholesale lender, ***** *****. Appraisal was ordered for which I was required to pay upfront, which I did. Appraisal came back about 4% lower than anticipated. I've offered to pay down the balance on my mortgage to bring LTV to 80%. Paying down the mortgage still left me with sufficient liquid assets required to be 5% as per original terms ***** outlined.Six weeks into the process ***** e-mailed me indicating I don't have sufficient liquid assets. When I indicated I clearly do have more than 5% in liquid and 5% in retirement he said that 10% liquid assets are required. I've pointed out that original terms he outlined specified only half of 10% needed to be in liquid assets and attached original e-mail. He replied:"That email also pertained to a DTI of 25% or less but that is not the case. For borrowers with a DTI of 25% or less they are not required to have 10% of liquid assets. Your DTI is 30%; therefore, we must have the 10% liquid asset requirement - No exception."I replied indicating his e-mail indeed called for 40% DTI, not 25%. After several back-end-forth e-mails it became apparent loan can't be closed on original terms. My complaint is that Emery FCU through its loan officer ***** ******** has misrepresented the terms of the loan program I've applied. I never had 10% in liquid assets and would have never applied should I have known this was a requirement. Emails fully documenting exchange between me and ***** are available on request

Desired Settlement: Loan program terms have not been accurately communicated to me by Emery FCU. I incurred costs as a result of their actions. I would like Emery to fully refund appraisal fee of $560 I paid to appraisal company.***** ******** has declined to reimburse citing the terms of the agreement. Although I understand appraisal is not refundable, I feel this case is different. I was offered a loan program that apparently never existed and should not be responsible for mortgage brokers' mistakes.

Business Response:

RE:  ***** ********

In response to this complaint, note that the appraisal value as admitted by Borrower came in less than borrower anticipated and therefore required additional liquid assets per ***** ***** terms of 10% for PCL and funds for closing.  All of this was explained in emails which will be provided, if the Borrower agrees to allow personal information to be shared.

As the Home Valuation Disclosure states we do not refund appraisal fees.  The fee was paid directly to the Appraisal Management Company so we have no Reserve from which to pay him. Also, The Loan Option Disclosure clearly states "that we have a good faith belief that the loan options presented are loans for which you likely qualify, assuming you further meet the particular creditor's specific loan criteria"  This information is based on the information provided by the Borrower.

At the time of his loan submission, if the facts he stated were correct, he would have met all the requirements of ***** *****.  However, now that value is established at less than he anticipated, he does not have sufficient liquid assets per ***** ***** requirements. He was advised that either he could liquefy retirement funds (but he does not wish to pay penalty to do so) or we could switch his loan to another Jumbo Lender who does not require the 10% PCL funds. He would need to pay for another appraisal as brokers are not permitted by Regulations to pay for an appraisal.  The rate would be slightly higher with another lender. He chose not to accept the alternatives and proceed with his options, and instead, filed a complaint..

It is always unfortunate when a Lender’s requirements do not fit a Borrower’s circumstances or demands, but in this case, the Loan Officer did all that he could for him.  Obviously, there is no profit to Emery or to the Loan Officer, if a loan does not close, so there is every incentive to work with a Borrower, rather than spend uncompensated time in attempting to force an unrealizable situation.

I trust this answers this Complaint, and we stand ready to assist this Borrower if he wishes to pursue his available options.

 *** ********

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.The issue here is terms of the loan program which Emery incorrectly communicated to me.  Their initial e-mail states that loan requires 5% liquid and 5% retirement assets.  This turned out not to be the case - **** ***** requires 10% liquid assets.  I've never had 10% in liquid assets, and should I've known this to be a requirement, I would not have applied.
 
Even with appraised value lower than expected, I still have enough liquid assets to pay down loan balance and closing costs and still have necessary 5% left fully qualifying my per terms as communicated to me.  

Because Emery was failed to accurately disclose the terms of the loan program it's their responsibility to remedy the situation.

Regards,

 ***** ********

 

 

Business Response:

I am sorry we cannot accommodate Mr. ********. As a Loan Originator, we submit a Loan Application to a proposed Lender based on the format they provide to us. The Lender, through their Underwriting Department reviews and approves loan submissions, and that department has the ultimate authority to approve or disapprove based on the Underwriter’s application of Lender Format Rules. While we always try to match the Application to the terms, sometimes small differences in the facts supporting submissions, can make a big difference in the Underwriter’s approval Process. As previously stated, we will be glad to supply the e-mails and conversation logs explaining the situation, all of which, Mr. ******** should have if he requests that we release them to you. Otherwise, we stand by our original answer and offer to submit the loan to another Lender.

 

*** ********

 

***. Emery Federal Credit Union

PH: ###-###-#### Ext. ***

Fax: ###-###-####

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

5/14/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I contacted Emery Federal Credit Union about doing a ** ********** refinance. On Feb 29, 2012 a notary showed up for us to sign rate lock papers and *** at 3.50% interest rate. Today is April 3,2012 and during this time I have been lied too so many times, interest rate has been changed and phone calls and emails have not been returned. They make dates to sit down and discuss whats going on but never keep appointments. I have been yelled at BY ***** ****. Every week all I do is ask them hows it going and where are we. ***** has repeatedly not called me when he said he would. **** ******* also had appointment to speak to me on Monday at 1:30pm as I waited he never called. I have left him messages as well. I have contacted Corporate office as well. I asked them each week if they wished to continue to do business with me. TO my eyes this is what I see as happening. They dragged their feet till the rate locks 30days expires so they don't have to honor the interest rate they promised. Its fraud. This company is committing Fraud. I will contact the ** to let them know so they wont be allowed to Fool anymore ****.

Desired Settlement: I want what I agreed too the reason I wasted 1.5 months having to constantly call them and wasting my time waiting for them to call me as they said they would. What sucks is now I have to deal with another company running credit checks etc.

Business Response:

Better Business Bureau

 

RE: ******* Mr. ******* was contacted and agreed to move forward with the loan process on February 29, 2012.  The loan was originally structured at 3.5% for 30 years (** Streamline).  But during that week, there was a severe pricing difference causing rates to go up.  This was prior to the loan being submitted to Lender Underwriting and locked. Mr. ***** reconstructed the loan at 3.75% and Mr. ******* agreed to the rate in an E-Mail on 3/12/12.  We can produce the E-Mail chain if Mr. ******* agrees to allow us to release his private correspondence.  The E-Mails will reflect that Mr. ***** responded to each of the emails or phone calls within a reasonable time frame.

 

Mr. ***** received a phone call from Mr. ******* on 4/3/12 at 4:55PM complaining that he wanted to go with another company and that we were a scam.  He proceeded to say that we wanted his rate lock to expire and berated Mr. *****.  He then hung up.  Mr. *****’s Manager  gave him a call back to settle him down and was looking forward to completing the process with him.

 

Since then, we are informed by ******* ******** (Lender) that they are at a 14 day turn time; the loan is being processed; and we are waiting for a revised pay off statement to submit for a Clear to Close.  We will be pleased to close the loan as Mr. ******* directs according to the submitted terms.

 

I Hope this addresses the issues raised.

 

Respectfully,

*** ********

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I have a signed paper work from a Notary that they sent out. Mr ***** **** swore that that is the interest Rate I would get and also stated that my Loan would stay with my current lender **** ** ******* (I asked what banks do they work with he said It is my choice, I told him I do not want ***** ***** and if it is my choice I want **** ** ******* he said that is no problem). When I first received electronic e-mail from ******* ******** I declined it because it was not **** ** ******* and asked him whats this? He said oh when we start the loan process I will receive offers from different companies its nothing to worry about I will be with **** ** *******. Then the Lies continued. I have all the emails from him where he set up appointment to call me and I waited and he never did. I had to Call him leave messages emails etc and finally he would respond to go over whats happening with the loan. Interest rates changed, The bank lender changed, closing costs changed (not just escrow) and I was being Lied to all the Time. When I first called and spoke with Mr. ***** **** I said I need to know right up front exactly how much this will cost and Honor what we agree on. We went over all prices P&I escrow rates and closing costs. I agreed to move further thats getting credit check (in this day and age giving out SS is a scary thing) then also taking the time to sit down with the Notary and sign paper work that Locked in the rates till March 24th 2012 at 3.50% but a week later he changed it. Speaking to Mr **** ********** on March 30th at 3:50pm ( someone who took over for ***** ****) while I was driving my daughter to the doctor and my wife present during the conversation He said that ***** screwed up He lied about that Interest Rate and he was sorry about it. He also made a appointment to discuss the loan info with me because I was busy for Monday April 2nd 2012 at 1:30pm to go over everything that has happened to me. Monday came and went as I waited again for someone from Emery to keep their appointments. Finally On Tuesday 4/3/2012 I called and spoke with ***** **** and he yelled at me, I told him I thought this company was dragging their feet letting the rate lock expire I mean thats what the did for the Signed Good Faith Estimate and rate lock I signed on 2/29/2012. Reason why I know dates times and conversations is because I have everything documented. Emails, voice mails etc. All I wanted was a simple streamline loan I wanted up front to know what it will cost me and at what interest rate. I know escrow changes I also expected when someone makes an appointment with you for you to keep that appointment. On 5 different times appointments was made and not kept. In my emails they show 2 of the times, voice mails show another. Then to top it off I was having to pay this company almost $1000 for lying to me. I sent all proof to Mr **** ********** along with a letter describing these things. I also Contacted the VP I believe (****** ...) and left him a message about this but no response back. So no I do not accept this response. I have emails and voice mails and witnesses and signed notary paper work to prove my side, I was lied to rates did not change I had rate lock signed papers. Also I have one of your own employee Mr **** ********** on speaker phone with me and my wife present tell me Mr ***** **** made a mistake that rate was never available.   

Regards,

****** *******

 

 

Consumer Response:

 

( MESSAGE FROM BUSINESS:

Last Update 4/27/2012 1:24:06 PM
Last User ***** ****** (*************************

Mr. ******** left a message regarding this complaint. He stated that the customer is trying to hold Emery responsible for the appraised house value and for the appraisal. He stated that they do not have any dealing with the appraisal or the price the property is appraised for.)

 


This is what I mean about this company NO ONE knows what they are doing. It was typical about every inch of my dealing with this Bank. I never had my house appraised. Appraisal was never done nor requested. My first thought was what? did no one read this BBB message? It stated that This company employees do not know how to communicate with their customers, or keep appointments or treat them with any sort of Kindness. My complaint was that They gave me a Rate lock and did not honor it. They purposely dragged their feet passed deadlines so they would not have to keep the promises. I was yelled at, and hung up on. They raised my loan amount so much that I reported them to the ** for fraud for trying to steal from Vets. I got a real company to do my ** streamline loan it took them a 3 weeks to do the whole thing cost me only 1100$ instead of 6000$ Emery credit union was going to charge. I spoke to many different banks and they all stated that Emery Credit union should be Investigated. If this message is viewed by Customers and Vets Do not deal with this bank. 

 


****** *******




Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ******** and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

[

Regards,

****** *******

 

 

Business Response:

 

Since the last call with our office, there has been no further contact and certainly no charge or fee of any kind was demanded by Emery. We assume, he decided to place this loan with another Lender, as he stated, in his complaint. As you know, loan rates fluctuate and until locked with the Lender, the rate is subject to the vagaries of the daily rate postings. There is never an advantage for a Loan Originator to go to the time and effort of placing a loan that does not close, so it is always the policy to accommodate an Applicant to the extent that the market will allow. We feel that this was the case here, but the Applicant continues to disagree.

 

 

*** ********

 

**** ***** ******* ****** *****

PH: ###-###-#### Fax: ###-###-####

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ******** and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


Well I was to believe that a Rate lock is just that a Rate Lock? This Complaint is about their customer service. The Rate lie is part of the problem. I was told one lie after another then when I questioned these lies I was yelled at and treated badly. Yes I did in fact have the ******** **** ** ** do my loan that took a total of 2 weeks to do including appraisal. The cost was 1600$ total not 6000$ like Emery finally came to in price after they added alot of their own fees. This complaint is about their customer service, the lies, the dragging of feet to run rate lock date down so they did not have to honor it. Then to be yelled at was last straw. This complaint I want on their record so other customers can be warned. As for the rate well. again The rate lock was signed and notarized for 30 days. Then you let that 30 days pass so you didn't have to honor it. This will be the last thing I say on this matter I have my loan and it was a snap. 

Regards,

****** *******

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

5/2/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: A claim to "lock in" interest rate by Rxxxx Txxxxxxx, was bogus. since the "lock" must be "registered" first, which may take several days. When rates floated up, and the "lock" rate was not available, I was encouraged to have the home appraisal done ($350), so that as current rates, which were supposed to be close to the "lock", came down again (which they were not), the quoted lock would be triggered. It never happened.To confirm current rates, I got a separate quote from another Emery agent, ******* ******, which was lower than the rate being quoted by *****. To me, this appears to be a "Bait and switch" ploy.I went to a different lender who actually locked on the day of the quote, but I had to pay for a second appraisal for the new lender, since the first appraisal was not transferable. I don't know if the "moving target" "lock rate" is a policy of Emery, or a way to generate business by *****, who has no credibility with me.

Desired Settlement: Stop their misleading "lock" practice. Stalling to "lock" for several days, is not practiced by other lenders, and allows for manipulation. A lock is supposed to be a lock!A refund of the "wasted" home appraisal would be nice, but I am not holding my breath

Business Response:

To Whom it May Concern,

This complaint covers an event approximately one (1) year old; the file indicating that it was cancelled on May of 2011.

 

The facts are NOT as stated.  The amount of the initial application was for a $210,000 cash-out loan on an investment property estimated to be worth $300,000.

 

Unfortunately, the property appraised at $220,000 which under current guidelines and practice (75% of appraisal value) would have been $165,000.  The Borrower was not happy with this determination.

 

Subsequently, Borrower attempted to rebut the appraisal by stating the original appraisal was in error; bank sales and foreclosures in the neighborhood affected the area comparables; and, he then provided other prices of properties.  The values Borrower provided were for larger homes, or in different towns, school districts, etc. none of which supported a rebuttal.

 

As to the “lock,” Emery does not request a lock rate from one of the Lender’s it brokers to, until we have a valid Appraisal in hand.  To do otherwise, without powerful extenuating circumstances, such as easily obtainable value guidance and high value spreads, would just create unnecessary expense as well as damage Emery’s Tier pricing from its Lenders.  This Policy has been in effect for a long time and was explained to the Borrower.  No Lock fees were paid.

 

Further, this Borrower had a couple of unsatisfied Loan Conditions which Borrower never met which would have further complicated a timely closing.

 

I am sure this Borrower did not get what he wanted, but the issue is not with Emery’s handling of the file.  This Loan Officer did everything he could to obtain a Loan for this Borrower, within the Regulations and Guidelines, and expended a great deal of  uncompensated time to help with this loan.  I trust this answers the Complaint and is consistent with the historically excellent service we have provided.

Respectfully,

*** ********

 

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

9/20/2011 Advertising/Sales Issues
1